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Bitcoin Takes Major Step Towards Being Considered Mainstream Currency

Bitcoin ETFs finally came through as investors can now more easily invest in Bitcoin

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  • Written by  Banking Exchange staff
 
 
Bitcoin Takes Major Step Towards Being Considered Mainstream Currency

This week, the much-anticipated approval of Bitcoin ETFs finally came through as investors can now more easily invest in Bitcoin.

Investors will be considering how these ETFs perform and how well they track the bitcoin price. Already, millions of shares of trading volume came into the first two ETFs that posted in the first few minutes of trading on Thursday.

The ETF offering will make it more likely that financial advisors will offer this to their investors as a small part of a balanced portfolio. Bitcoin had already rallied to more than $45,000 in late 2023.

The Grayscale fund has $28 billion in assets. As the offerings came out on Thursday, the digital currency had rallied to $49,000, fell back to $47,000 before the end of the day, but still held gains for the trading session.

Institutional Investors are also more likely to invest in the ETFs because of liquidity compared to mutual funds and so larger investors may also be led into crypto.

While the new investment offerings will unlikely impact retail banks in the short term, the ETFs bring crypto currency closer to mainstream investors, and thus consumers.

Banks will need to track how this effects currency use, particularly as it effects its customers.

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