It has finally happened. More than a decade after receiving the first spot bitcoin ETF application the SEC gave its approval yesterday.
While this was widely expected, it wasn’t a slam dunk as demonstrated by the tight vote: 3-2 in favor with SEC Chair Gary Gensler providing the deciding vote.
In total, 11 spot Bitcoin ETF applications were approved, many from some of the biggest names in finance such as BlackRock, Fidelity and Invesco. All 11 ETFs have already started trading today.
This marks a major milestone for the mainstream acceptance of cryptocurrency. Love it or hate it, crypto is going to be around for a very long time and these ETFs provide the simplest way for everyday investors to hold bitcoin.
Interestingly, the price of bitcoin is up in the last 24 hours but Ethereum is up even more as crypto traders expect the next step is the acceptance of an Ethereum ETF.
But given the track record of the SEC that is likely not going to happen quickly.
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Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.