The wait is over. The first U.S. Bitcoin ETF started trading on Tuesday and it’s generating more hype than the long anticipated release of Wes Anderson’s latest, The French Dispatch.
Catch up: For years, cryptocurrency supporters and investors have tried to launch a Bitcoin ETF. But the U.S. SEC (Securities and Exchange Committee) has been resistant to listing the volatile digital asset on public exchanges.
- A Bitcoin ETF would would lower the barrier to entry for crypto-curious investors and let anyone purchase the cryptocurrency using their traditional brokerage.
What happened: On Tuesday, ProShares launched their Bitcoin Futures ETF and it’s sent Bitcoin to a record high of $67,000.
- The ProShares ETF is futures-based which means that it falls under federal regulations in the U.S., a fact that made the SEC more comfortable with the listing.
Big picture: While Bitcoin ETFs have been around in Canada for a few months now, their launch in the U.S. will make the digital currency more accessible for millions of new investors which could finally put BTC on a path to true mainstream adoption.