Bitcoin is expected to finally enter New York Stock Exchange tomorrow
With no opposition from SEC in the deadline, an ETF by ProShare will kick off the cryptocurrency’s journey on the big board
Through the American provider of specialized exchange-traded products ProShare, Bitcoin will finally enter the New York Stock Exchange as an ETF. This means that investors will be exposed to Bitcoin via an ordinary brokerage account and will not have to own the cryptocurrency directly.
According to the New York Times, Michael Sapir, CEO of ProShares, announced his excitement, stating that newly investors in cryptocurrencies might enter this universe once they know a solid trustworthy company is behind it.
Sapir endorsed that the curious investors will be more comfortable with a “convenient access to Bitcoin in a wrapper that has market integrity”.
“2021 will be remembered for this milestone”
-Michael Sapir, CEO ProShares
The announcement came a few days after the SEC chair, Gary Gensler, suggested a possible acceptance of crypto ETFs based on Bitcoin’s futures.
Those futures trade on the Chicago Mercantile Exchange, and even though it won’t be announced by the SEC, the ProShares’ proposition didn’t find any impediment until its deadline.
Therefore, the New York Stock Exchange is ready to launch the ETF of Bitcoin futures tomorrow, Tuesday (October 19), on the big board.
Douglas Yones, the head of the New York Stock Exchange told DealBook that it won’t be the last time ETFs linked with cryptocurrencies will be approved.
“This is an exciting step but not the last,”
-Douglas Yones, Head of Exchange Traded Products in New York Stock Exchange, to DealBook.
The ETF’s launch expected for this Tuesday will have another great impact for cryptocurrencies’ adoption around the world, bringing even more trust and legitimacy to the crypto market.
And, even though some may oppose the idea, wishing for heavier regulations, bullish feelings are taking over the crypto universe this Monday morning.
So, until we see the actual unfold of events, it seems that the scenario will continue that way, possibly even strengthening Bitcoin’s price positions for the next few days.