February 16, 2021 03:13 PM
ETF Focus: A Bitcoin ETF Was Finally Approved in Canada
Bitcoin can now be bought just like gold in Canada. The Ontario Securities Commission allows investors to easily invest in Bitcoin physically in the ETF Focus world. Bitcoin hit a record high of $ 48,975 on Friday. It has grown 63 percent so far this year.
It has increased by about 1,130 per cent since March 2020. Elon Musk says global electric car giant Tesla has invested $ 1.5 billion in digital currency Bitcoin.
Bitcoin, the digital cryptocurrency, is setting new records even during the corona epidemic, when many countries and central banks imposed restrictions on it. The bitcoin price, which has crossed Rs 35 lakh, is skyrocketing.
At present the approval of all countries is slowly gaining ground. JPMorgan, one of the leading international financing services companies, has also received Visa, PayPal and MasterCard support. The Bitcoin Exchange Traded Fund has recently been approved by the Ontario Securities Commission, Canada’s leading security regulator.
A bitcoin ETF Focus in the United States has for years been elusive. It’s not for a lack of trying though. Several issuers, including VanEck and First Trust, have filed to launch bitcoin ETF Focus but so far each one has been withdrawn or outright rejected by the SEC.
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The reasoning the SEC has always given is that it’s uncomfortable with the unregulated nature of cryptocurrency and that it’s wary of approving a product that could lead to significant losses for unsuspecting investors (keep in mind, the SEC has allowed triple-leveraged ETFs for years).
It was also thought that the launch of bitcoin futures would be a logical step leading towards the eventual approval of a bitcoin ETF since dozens of futures-based ETFs already exist. The SEC still didn’t take the bait though and a bitcoin ETF remains non-existent in the United States.
