Heaptalk, Jakarta — The United States Securities and Exchange Commission (SEC) officially approved Bitcoin ETF applications by 11 companies. As a result, the company’s spot Bitcoin ETF product has also been listed on the stock market today (01/11).
In more detail, these eleven issuers cover BlackRock, Grayscale, Ark Investments/21Shares, Bitwise, WisdomTree, Fidelity Wise Origin, VanEck, Invesco Galaxy, Valkrie, Hasdex, and Franklin. Six ETFs will be listed on the Chicago Board Options Exchange (CBOE), while three will be on the New York Stock Exchange (NYSE), and two will trade on the Nasdaq.
This approval announcement indicates a watershed moment for the crypto industry, and it opens the floodgates by simplifying institutional investors and consumers to invest in the most prominent digital asset. Following this announcement, Coinmarketcap revealed that bitcoin prices would shoot up around 4% to US$47.647 by January 11th, 2024.
In response to this information, the CO-CEO of Reku, Jesse Choi, admitted that this momentum marks a new milestone in global financial markets as crypto adoption has been legitimized in the traditional financial system. Based on his statement, The approval of the Bitcoin Spot ETF signifies the increasing acceptance of traditional global financial institutions towards Bitcoin. This potential indicates the great interest of conventional investors in Bitcoin.
Further, Jesse also claimed that the Bitcoin Spot ETF approval would positively impact the crypto industry, especially in America. According to him, it will be easier for institutional investors to invest using Bitcoin ETFs, creating high enthusiasm and demand to boost the flow of funds into Bitcoin further. Alliance Bernstein estimates that the market’s investment penetration will reach around US$5 billion to US$10 billion.
This SEC decision could also draw attention to the conventional financial industry in Indonesia regarding Bitcoin. Jesse said that the Bitcoin Spot ETF reflects the integration of crypto assets in traditional financial services. This momentum also reveals potential public demand and the relevance of Bitcoin as an investment instrument that traditional investors in Indonesia can access.
