Bitcoin ETFs Start Trading In Brazil and Dubai. U.S. Yet To Approve One

Jun 25, 2021 0 comments

image from reuters.com.

Bitcoin exchange-traded funds (ETFs) have been launched in Brazil and Dubai. However, the United States is yet to approve a single cryptocurrency ETF application. The world’s leading economy is lagging in the cryptocurrency game.

Brazil and Dubai Bitcoin ETFs hit the market

South American giant Brazil and Middle Eastern nation Dubai have launched their Bitcoin exchange-traded funds. The ETFs began trading yesterday, the same day the US Securities and Exchange Commission (SEC) delayed its decision on yet another Bitcoin ETF.

The Brazilian Bitcoin ETF, called the Bitcoin ETF QBTC11, obtained the green light from the country’s regulatory agency in March. Bitcoin ETF QBTC11, launched by QR Capital, began trading on the Brazilian Stock Exchange (B3).

Meanwhile, the Dubai Bitcoin ETF was launched by the Canadian asset management firm 3iQ. Dubai regulators approved the ETF proposal in April, and it began trading on the Nasdaq Dubai bourse a few hours ago.

Market analysts believe that Bitcoin ETFs would make it easier for institutional investors to gain exposure to the cryptocurrency market. With Bitcoin ETFs, institutional investors can trade cryptocurrencies without actually holding the coin.

At the moment, institutional investors will have to gain exposure to Bitcoin by investing in ETFs in Canada, Brazil and Dubai or via other investment vehicles. Bitcoin’s price is down by 2% over the past 24 hours, and it is currently trading just above $33k per coin.

Sourced from yahoo.com.

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