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Bitcoin's Boom Shows No Signs of Slowing Down: Australia Could Approve BTC ETFs This Year - Crypto Economy

source-logo  crypto-economy.com 29 April 2024 08:58, UTC


  • Australia joins the global trend and seeks to launch its first Bitcoin ETF before 2025.
  • Around the world, from Hong Kong to the United Kingdom, similar measures are being considered.
  • China, for its part, closely monitors the developments and could carry out a similar launch to meet market demand.

The market is experiencing a renewed momentum in Bitcoin exchange-traded funds (ETFs). Australia, one of the major economic players, aims to join this trend, preparing to approve its first BTC ETFs before the end of 2024.

The main operator of the Australian market, ASX, is in talks with several companies interested in launching crypto ETFs in the country. Among the participants are local firms like BetaShares and DigitalX Ltd., as well as the global giant VanEck, which has resubmitted its proposal to enter the Australian market.

This move marks a significant shift for the oceanic country, which previously sought to venture into this financial ecosystem. A previous attempt in 2022 failed due to lack of investor interest. However, with the growing acceptance of Bitcoin as a legitimate asset class, the demand for financial products providing exposure to the crypto market is booming.

China Watches Bitcoin Closely

Australia is not alone in this BTC surge. Around the world, from Hong Kong to the United Kingdom, similar initiatives are underway. Hong Kong is preparing to launch its Bitcoin and Ethereum ETFs, with the Bosera-HashKey Capital ETF ready to begin operating. Additionally, China is closely monitoring the trend, planning to anticipate product launches to meet the growing demand for cryptocurrency investment.

Interest in Bitcoin ETFs is also spreading in Europe, where the London Stock Exchange recently announced its intention to accept applications to trade cryptocurrency exchange-traded notes (ETNs).

BTC ETFs continue to attract new investors to the crypto market, fueling the emergence of significant capital. Meanwhile, Australia and other countries are taking steps to facilitate investor access to the market. These developments indicate the growing acceptance and maturity of the crypto industry in the global financial ecosystem.