Samsung Bitcoin ETF Goes Live in Hong Kong

Samsung Bitcoin ETF Goes Live in Hong Kong

Time Stamp: January 14, 2023 2:39 AM
Source Node: 1895930

ETF is the ‘Rocket Fuel’ for Bitcoin, Says Global Marco CEO There are a number of milestones that bitcoin lovers anticipate happening in the next decade. These include bitcoin being accepted by more merchants for payment for goods and services, bitcoin being added to the balance sheets of prominent companies, and of course, the bitcoin exchange-traded fund. The bitcoin ETF has been, thus far, one of the most elusive milestones for the crypto industry. Giant firms like Robinhood and Gemini have applied to the Securities and Exchange Commission in the United States for approval for an ETF but all have been denied. With the current rush of institutional support that bitcoin has seen in the last few months from companies like JP Morgan and Goldman Sachs, there is talk of more pressure being put on the SEC to approve a bitcoin ETF at some point. Incoming Rocket Fuel? Now, according to Global Marco CEO Raoul Pal, the ETF is the next rocket fuel for the market. An ETF, he said in a recent Twitter exchange, will lead to a brand new level of support for bitcoin as well as an increase in price. This was in response to a tweet that claims that bitcoin is consolidating in price ahead of an ETF approval. “This is my view.. The ETF is the next rocket fuel for this market. The Wall of Money keeps coming but it takes time for everyone to get internal approvals. I have so many conversations helping hedge funds, Family Offices and Asset Managers each week. All happening and more…” he said. Bitcoin, in the last few months, saw a significant bull run and a new all-time price high of over $65,000 per token. Now, the price hovers around $50,000 and has remained steadily in that price range for the last few weeks. Some believe that the market is prepping for another bull run but needs something to trigger it and Pal feels that the ETF is what is needed. Regardless of what the price effect will be of an ETF approval, it cannot be denied that it will make it easier for investors to put money into bitcoin and other cryptos and will also lead to even more mainstream acceptance for bitcoin.

Advertisement &nbsp &nbsp

South Korean electronics giant, Samsung, will launch a Bitcoin Exchange-Traded Fund (ETF), opening up the possibility for exposure to Bitcoin in one of Asia’s biggest markets. The company’s asset management arm is looking to track the spot price of Bitcoin as it floats an ETF investment opportunity rooted in both Bitcoin and micro-bitcoin futures of the Chicago Mercantile Exchange (CME).

ETFs are aggregated funds allocated to a broad range of investment portfolio components and tradeable on exchanges. They function and fluctuate much like mutual funds but have the advantage of near-liquidity because of the possibility of sale on an exchange.

Though not exchangeable with an actual Bitcoin, this ETF—the second to happen in less than a month—will go a long way in signalling growing acceptance for digital assets in the region. Over $73 million was raised before the debut day of the first ETF, which took place in mid-December.

Hong Kong stands as Asia’s lone fertile ground for crypto-based ETF trading following China’s brutal clampdown on cryptocurrencies to pave the way for a native CBDC. The region, which promised to distinguish itself from China and ease the path for crypto investors, now joins Canada, Australia, the United States and Europe as countries and regions with a successful ETF launch.

Already swelling with speculation, Bitcoin notched up the ultra-formidable $18,000 support in the early hours of Thursday, leaving the crypto community a little positive effect on the prospects of new retail investors into crypto. Samsung has already disclosed its plans to remain at the forefront of crypto innovation.

Advertisement &nbsp &nbsp

The company, which ranked top amongst crypto’s top 40 institutional investors, currently has over 13 crypto companies under its investment belt and has so far, contributed significantly to the $6 billion poured into crypto in the past two years. In August last year, the company officially tendered its application for a virtual asset license in South Korea, gathering more grit to the rumours of a proposed digital exchange.

Its latest flagship Galaxy phone, the S22 series, is already pre-installed with hardware support for Bitcoin and a select other cryptocurrencies on its native Samsung wallet. With a $53 million LATAM- focused metaverse investment and a creator-driven partnership with Polygon’s Web3-based TV streaming feature, Savage App, Samsung believes strongly that the future lies in the advancement of technology and the creation of a market for younger generations who use them.

Time Stamp:

More from ZyCrypto