The legitimacy of Bitcoin and other cryptocurrencies has long been a subject of debate. While some countries attempt to regulate and control these digital assets by recognizing them, others ban them due to worries about illegal activities like money laundering and tax evasion. For instance, we recently mentioned that India delisted 10 crypto exchanges, including Binance, from Apple’s App Store. However, if you’re an investor or interested in cryptocurrencies, there’s good news. The United States Securities and Exchange Commission (SEC) has approved rule changes, opening the door for Bitcoin ETFs and reaffirming its recognition as an official currency. Here are the details…

Bitcoin ETFs Gain Official Recognition From SEC

In simpler terms, the SEC has allowed the establishment of a Bitcoin investment fund. This makes Bitcoin an officially recognized investment tool, allowing people to invest in it not only through cryptocurrency exchanges but also through traditional ones. Now, individuals, banks, companies basically anyone can invest in cryptocurrency without being tied to crypto exchanges.

Crypto

Of course, this decision took time to finalize. The recent approval of the Bitcoin fund was accidentally revealed on the SEC’s official Twitter account yesterday. Despite the deletion of the tweet and rumors of a hacked account, the decision confirms the accuracy of the shared information. Moreover, the financial industry had been anticipating the SEC’s approval of Bitcoin ETFs, and some attribute the recent surge to $47,000 to this development.

Although this decision could increase Bitcoin’s value, it’s important to highlight that the SEC clearly emphasizes the highly speculative nature of Bitcoin in their approval statement. And they are not wrong. It’s crucial to think carefully before running for “investment opportunity.” Yes, Bitcoin could indeed gain significant value after the decision. However, scenarios like millions of investors who have been waiting for profit for a long time selling billions of dollars worth of Bitcoin could lead you not to wealth but to bankruptcy. Bitcoin ETFs approved by the SEC are as follows:

  • BlackRock
  • Ark Invest
  • Grayscale
  • VanEck
  • Bitwise
  • Fidelity
  • hashdex
  • WisdomTree
  • Invesco Galaxy
  • franklin
  • Valkyrie

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