Bitcoin devotees are declaring a historic victory after US regulators approved a new, more accessible way for people to invest in the crypto asset after a decade of resistance. Yet they won’t go anywhere near it themselves.
On January 10, after a farcical false start, the US Securities and Exchange Commission approved the launch of spot bitcoin exchange-traded funds (ETFs) in the country. The ETFs will be issued by a selection of big-name financial institutions—including BlackRock, Fidelity, and Franklin Templeton—and will give people a way to invest in bitcoin through a brokerage, as if it were a stock. The price of the ETF shares will follow the price of bitcoin.
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