Why now? SEC took eight years to authorize a Bitcoin ETF in the US
Eight years in the making, the United States Securities and Exchange Commission’s (SEC) silent approval of a Bitcoin (BTC) exchange-traded fund (ETF) last week elicited a wave of exuberance in the crypto space and sent the price of the key digital currency to a new all-time high.
Despite some analysts and industry participants having reservations regarding the nature of the approved product — ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin Strategy ETF (BTF) being futures-based rather than tracking Bitcoin’s spot price — the development has been overwhelmingly hailed as a breakthrough moment in crypto history.
Ahead of BITO’s momentous launches on the New York Stock Exchange, it had been unclear how much interest the new offerings
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