economy
For over a decade, US regulators rejected dozens of applications to wrap Bitcoin in a fund that trades on ordinary stock exchanges.
Spot Bitcoin exchange-traded funds are what the SEC approved for the first time in January 2024. A spot Bitcoin ETF lets ordinary investors gain exposure to Bitcoin's price through a regular brokerage account, without having to set up a crypto wallet or manage the private keys needed to hold the actual coins, removing a major practical barrier that had kept many mainstream investors away.
A government ban on Bitcoin trading and the creation of a brand-new national cryptocurrency both describe the opposite of what actually happened, since the approval expanded, rather than restricted, ordinary access to Bitcoin exposure.
These new funds attracted an extraordinary amount of investor money within just months of launching, making them one of the most successful exchange-traded fund debuts in the history of the fund industry, a striking outcome after more than a decade of the SEC rejecting similar proposals.
economy
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