Eleven spot bitcoin exchange-traded funds, including BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust, Valkyrie Bitcoin Fund and ARK 21Shares Bitcoin ETF, began trading in New York this morning, starting a fierce competition for market share. An Exchange Traded Fund (EFT) tracks either the ‘spot’ price of a single equity or in this case, cryptocurrency, or a basket on the same.
Approval and the take up of EFTs opens up a new world for Bitcoin investments, and the move will inject further life into cryptocurrencies, as a future mechanism for investment and ‘monetary’ exchange, along with digital currencies.
So positive news at last for bitcoin, as recently the world’s press has been concentrating on the negatives of a series of frauds and loss of investment money following fraud or collapses in the prices of some fledgling cryptocurrencies.