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In October of 2023, the crypto markets witnessed a substantial upswing, with Bitcoin breaking through the $34,000 barrier. This marked a significant milestone for Bitcoin, as it reached a valuation not seen since May 2022. Many believe the potential Spot Bitcoin Exchange Traded Fund (ETF) could redefine how traditional investors engage with Bitcoin.
What is a Spot Bitcoin ETF?
A Spot Bitcoin ETF is a financial instrument that aims to track the real-time price of Bitcoin, allowing investors to gain exposure to the crypto without the need to directly purchase and store it. The Spot Bitcoin ETF is particularly significant due to its potential to bridge the gap between traditional financial markets and the world of crypto.
According to Paul Brody, Ernst & Young’s Global Blockchain Leader, there is substantial pent-up demand from institutional investors awaiting the green light for a Spot Bitcoin ETF. Brody emphasized the outlook that trillions of dollars in institutional money is waiting to enter Bitcoin once the Bitcoin ETF is approved.
But what could a Bitcoin ETF mean for the crypto Industry?
- Increased adoption
- Liquidity and price increase
- The ripple effect on other cryptocurrencies
In addition, several firms such as Grayscale Investments, ARK Investment, BlackRock, and Fidelity have submitted applications for various Bitcoin ETF offerings to the SEC, and are currently anticipating feedback from the regulatory body.
The anticipated approval of a Spot Bitcoin ETF stands as a historical moment in the intersection of crypto and traditional finance, with the potential to see a new era of participation and investment in this space.
As the landscape of the crypto industry continuously evolves with these potential developments, many investors are exploring innovative ways to get involved. One such platform is iTrustCapital, where investors can buy and sell crypto, such as Bitcoin (BTC), within a tax-advantaged IRA. Want to learn more about our unique offering in this space? Read the article below.
This article is for information purposes only. It does not constitute investment advice in any way. It does not constitute an offer to sell or a solicitation of an offer to buy or sell any cryptocurrency or security or to participate in any investment strategy.
iTrustCapital is a cryptocurrency IRA software platform. It is not an exchange, funding portal, custodian, trust company, licensed broker, dealer, broker-dealer, investment advisor, investment manager, or adviser in the United States or elsewhere. iTrustCapital is not affiliated with and does not endorse any particular cryptocurrency, precious metal, or investment strategy.
Cryptocurrencies are a speculative investment with risk of loss. Precious metals are a speculative investment with risk of loss. Cryptocurrency is not legal tender backed by the United States government, nor is it subject to Federal Deposit Insurance Corporation (“FDIC”) insurance or protections. Clients do not receive a choice of custody partner. The self-directed purchase and sale of cryptocurrency through a cryptocurrency IRA have not been endorsed by the IRS or any regulatory agency. Historical performance is no guarantee of future results.
Some taxes and conditions may apply depending on the type of IRA account. Investors assume the risk of all purchase and sale decisions. iTrustCapital makes no guarantee or representation regarding investors’ ability to profit from any transaction or the tax implications of any transaction. iTrustCapital does not provide legal, investment or tax advice. Consult a qualified legal, investment, or tax professional.
iTrustCapital makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) or omissions from the information contained herein. iTrustCapital disclaims any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this information, which is provided as is, without warranties.
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