The cryptocurrency has captivated financiers from billionaire Elon Musk to hedge-fund moguls consisting of Alan Howard and also Paul Tudor Jones.
The United States and Canada’s first Bitcoin ETF got off to a stellar beginning on its very first day of trading, with financiers trading US$ 145 million worth of shares.
After a relentless surge in the world’s largest digital money, the very first Bitcoin item that’s officially identified as an exchange-traded fund debuted Thursday in Toronto– although Europe has a number of crypto-tracking products that work like an ETF.
“Investors buying the Purpose Bitcoin ETF will have two options. The Canadian dollar denominated, non-currency hedged version trades under ticker symbol BTCC.B. The U.S. dollar denominated version’s ticker is BTCC.U.
It can be be held within registered accounts like an RRSP, TFSA, or RESP and the annual management fee is 1 per cent.
High volume showed strong demand, with 9.7 million shares of BTCC.B trading hands and 1.6 million for BTCC.U. For comparison, Canada’s largest ETF the iShares S&P/TSX 60 (XIU) ETF’s volume today 1.7 million shares. BTCC.B ended the day up 0.9 per cent and BTCC.U was up 1.4 per cent.
Som Seif, Purpose Investments’ founder and CEO, thinks Canadian regulators felt it was an important product for the marketplace.
“Investors are already saying we’re going to own this asset, one way or the other.” he told Yahoo Finance Canada.
“I think regulators are probably recognizing that it’s probably better to put that into a regulated structure than a non-regulated structure.”
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The world is changing at such a speed that the fiat currency we know is slowly and possibly surely disappearing. Still, maybe 150 years of fiat money across the globe and the world will only witness the use of virtual, digital currency.
What could be a new path, a new economic impetus which would allow to give a vision less centralized by the traditional banks?
We have already noticed with the current health crisis that the use of paper money was little used.
This kind of scenario already considered by the “knowing” seems to confirm that this utopian shift, which may seem to some a fantasy, follows its inevitable path towards this trend at the dawn of the 21st century.
