There is a good news coming from Canada’s stock market where the main securities regulator has given nod to the world’s first bitcoin exchange traded fund. This move is going to give investors a new ray of hope for accessing cryptocurrency as it has become the most talked after trading mechanism of late.
The news is certainly going to create an awesome opportunity for investors who are dying to cache in to the increasing demand of how this new currency is scaling heights, thanks to the futuristic prospect it offers and it is certainly undeniable.
The launch of Purpose Bitcoin ETF has been approved by the Ontario Securities Commission in an official statement to Reuters. It has sent the wave of happiness and excitement in Canada as it also creates an exciting vibe where people are surely going to invest with much fanfare.
In order to give the investors enough convenience about the feasibility of cryptocurrency, it is said that ETF is going to be the first which gives the investors convenience to invest in Bitcoin. Hence, potential people will be able to make fortunes with such an emerging asset.
ETF comes with series of benefits for the investors as they get the convenience of purchasing at net asset value and not at premium. This has been said by the CEO of Northland Wealth Management, namely Arthur Salzer. He further added that OSC is systematically going in the right direction with this.
It is also true that the above scenario gives investors enough of an opportunity to take part in the investment in an increasing manner. Since, the statistics of Bitcoin is quite noteworthy where it registered a record high of $48,975 on Friday. This figure constitutes the rise by 63% which the current year has registered. While if one considers the period of mid-March 2020, then there is a high of 1,130%. Considering this aspect, it will set an example for many investors who may have doubts regarding the feasibility of bitcoin and how it can be turned into a profitable one for them
There is another interesting news coming in close proximity and it is related with how Elon Musk is going to accept the payment in the form of bitcoin. Yes, he said it on Monday after the news of him purchasing $1.5 billion worth of crypto currency is doing the rounds. It is also true that this form of payment is widely been accepted in the increasing manner, when the financial firms are to be taken into account. It will create a positive and wonderful opportunity for those who were eyeing to make the payment through bitcoin.
However, the news for other financial firms don’t seem to be too rosy. For example, there has been eight firms in United States which weren’t successful when it comes to creating a bitcoin ETF and they have been trying since 2013 for the same. The news is shared by Todd Rosenbluth who is the director of ETF.