The future of cryptocurrency is NOW
It seems like after a long time of trial and error, cryptocurrency is finally getting the attention it deserves with New York Stock Exchange expected to start allowing traders to bet on Bitcoin. Michael Sapir, CEO of ProShares which will be running the fund told New York Times, “2021 will be remembered for this milestone.”
For the past decade, crypto entrepreneurs have sought permission to launch a Bitcoin E.T.F in the US but their applications had been delayed or rejected by the S.E.C. And on the other side, investors who are curious about crypto trading have been hesitant because of the unregulated crypto exchanges. By allowing Bitcoin into the New York Stock Exchange, it would allow investors a “convenient access to Bitcoin in a wrapper that has market integrity.”
Proshares won’t let anyone trade Bitcoin directly but it will provide a way for investors to bet on the digital currency’s future and how it will go about. While it is a step forward towards mainstream regulation of cryptocurrency in the stock exchange platform, die-hard crypto enthusiasts are still waiting for the day when they will be able to trade blockchain assets directly on the New York Stock Exchange.
The origin of Bitcoin is still a sort of irony of sorts as it was linked to providing a way to move money around without big financial institutions connected to the 2008 financial collapse after which it came entangled with those same institutions. But still, the news of Bitcoin coming to the stock exchange has shaken its very core and it might be one of the reasons of its spiking price in recent weeks. But who knows, whats next for the big cryptocurrency?