Cryptocurrencies have managed to dominate every conversation about investing or financial markets. No matter how hard someone tries, the conversation is eventually steering there, which shows just how much cryptocurrencies have grown. What was once a fair niche movement of traders online, now consists of thousands of cryptocurrencies throughout the market and millions of investors. In fact, cryptocurrencies have managed to become so popular that even countries and financial institutions have come around to accepting its uses.
Countries like El Salvador have been able to completely implement cryptocurrencies as a secondary tender. Therefore, now people within the country will be able to use cryptocurrencies for everyday transactions. El Salvador even has a variety of ATMs that can allow people to exchange their fiat currency into cryptocurrency and back without any issues.
As for institutional investors, they jumped on as soon as the prices for cryptocurrencies started to rise. Each year, cryptocurrencies are able to rise by an incredible margin, and some are even able to reach new records. For instance, Bitcoin has been able to reach a brand new record almost every year for the past three years.
However, no one could have anticipated the fact that cryptocurrencies would get their official listing as an exchange-traded fund. But that is the truth, and it is set to happen next week, where top security officials can vote in favor or against it. And one of the reasons that crypto prices have started rising is that people are betting on the SEC officials to gi9ve the green light to cryptocurrencies.
More specifically, ETFs will most likely be allowed to trade from the SEC, which would finally put an end to almost a decade of battles for approval. For now, there are only two ETFs that will be making their way to launch, and both of them are Bitcoin projects. The first will be the ProShares Bitcoin Strategy, which will launch by Tuesday next week, which is when the regulator will not be able to object.
Once that project releases, they will move on to the Invesco Bitcoin strategy ETF, unless the regulator blocks it. However, chances are that even Invesco will be able to get the green light for its ETF as well, given that it is quite similar to ProShares.
Both Invesco and ProShares have refused to comment until each of their services has gone live. Many believe that this was a smart move, given that the SEC will not be able to hold anything against them. And when their product finally launches, they will not have to worry about the regulator pulling the rug out from under them.