The ProShares Bitcoin Strategy ETF(BITO) was recently launched in the New York Stock Exchange on October 19, 2021. Right on the first day, an influx of $1 billion in natural volume was witnessed wherein BTC would reach their new all-time high in US dollars after a week of the US Securities Exchange Commission allowing the application to expire. This indicated approval of the product and was a significant step for the US.
On the other hand, global markets could be hampered here as BITO gradually gains more recognition. Even though investors may find this an undesirable deal, it may give rise to good insulation from the BTC’s inherent volatility. This is why other institutions buyers from other countries did not indulge in it.
The success story from the US brought a positive light across the other countries of the globe, especially Australia. This shift can prove to be a boon for Australia’s economy and bring more financial innovations as crypto enters into their financial services.
The recent report published by the Parliament of Australia’s Select Committee on Australia proposed the framework that places Australia on a level with the US, Singapore, and the UK.
The leading Australian fund management company has launched its crypto innovators ETF on the ASX(Australian Stock Exchange) under the CRYPT. This allows investors to track different crypto-focused companies based on their 30 indexes. Their portfolio consists of many prominent names such as Coinbase, Riot Blockchain, Bitcoin Evolution, MicroStrategy, and more. The fund broke the records of ASX within 15 minutes and raised about $31.3 million by the end of the day.
Holding crypto assets like BTC, ETH, etc., provides investors with good interest and an opportunity to participate in digital assets without being physically present in the market. As per BetaShares, 85% of the index is focused on forms that derive 75% of the revenue from the crypto market directly or from crypto holdings. Thus, this brings long-term value to the BTC while minimizing the shock of the market reversal. This adoption could be a massive move for both Australia and global crypto adoption. It is also meant to boost the crypto economy in the long run. Recently New Zealand has also witnessed a tremendous rise from their new offering, Vault International Bitcoin Fund.
The first crypto exposed WTF was a great move, but it needs to improve even further. However, Australia doesn’t need global adoption now. They simply need to take the lead and approve this adoption. While no restrictions are set here, the diversifying options are limitless here. Even if the investors are unwilling to invest in the risky small-cap companies, there are tons of other reputable assets in the market with impressive portfolios of success. All of these instances prove such fund farming opportunities to be notably high return investments when done correctly. Thus, the possibilities for the Australian market are endless, and this shift could be the ultimate push to their current economy only if they embrace it well.
