Could Optimism Around ETFs Finally Help Bitcoin to Breakout?
The bitcoin bulls may have to wait a little longer for the breakout.
The cryptocurrency remains stuck in a rut, falling from an all-time high of $20,000 to below $5,000. The drop has been rapid, with BTC down around 40% since November 2018.
But there are reasons to be optimistic about the future of Bitcoin and other cryptocurrencies.
Bitcoin ETF: Risky Bet on Bitcoin's Future?
One reason for optimism is that ETFs can help bring more institutional money into crypto. The ETF will allow investors to directly own digital assets like Bitcoin or Ethereum instead of holding them through a brokerage account or exchange.
The ETFs have been approved by the SEC – but not yet launched – which means they are waiting for an exchange operator to list them on their platform (Coinbase is one such operator). Once listed, they will be available for investors to buy or sell their shares throughout the day. The problem is that it can take time, which means it may not happen until 2020 at the earliest.
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