Bitcoin ETF approval: what could it mean?

A recent research report from Singapore-based crypto exchange, Crypto.com, has shown that the number of crypto owners worldwide surpassed half a billion people in 2023. Increasing by 34%, the figure reached 580 million at the end of 2023 from 432 million in the January. Arguably, the most dominate cryptocurrency of the 22,000 that exist, is Bitcoin - it accounts for over 48% of the entire capitalization of the crypto asset class. So it should be of no surprise that some of Wall Street’s biggest asset managers have been trying to launch Bitcoin ETFs for a number of years. Bitcoin ETFs, which were finally approved on January 10th, 2024, simplify cryptocurrency investing by allowing exposure to Bitcoins without the inconvenience of a wallet, private keys and needing to remember a string of memorable words. Unlike cryptos, ETFs trade on traditional stock exchanges, enhancing accessibility for institutional and retail investors and so enabling them to have exposure to Bitcoin. The ability …