SEC Approves Application for Spot Bitcoin ETF, Reku: Indonesia's Enthusiasm Is Quite Large

The enthusiasm of crypto investors in Indonesia is quite large after the approval of the Bitcoin Spot ETF submission (photo: Pixabay)

JAKARTA - The US Securities and Exchange Commission (SEC) officially approved the application for a Bitcoin Spot ETF by 11 companies, namely BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck.

After the announcement, on Thursday, January 11 at 06.00 a.m. Western Indonesian Time (WIB), data from Coinmarketcap showed that the price of Bitcoin jumped four percent to the level of 47,647 US dollars or around IDR 741 million.

Seeing this condition, Reku CO-CEO Jesse Choi said that this momentum was a new milestone in the global financial market, because the adoption of crypto assets had been legitimized in the traditional financial system.

Apart from that, according to him, the approval of the Spot Bitcoin ETF will also have a positive impact on the crypto industry, especially in the United States, in facilitating investment access for institutional and retail investors through Bitcoin ETFs.

Not only in the US, Jesse thinks that this agreement could potentially attract more attention to Bitcoin for the traditional financial industry in Indonesia.

“The Bitcoin Spot ETF reflects the integration of crypto assets in traditional financial services. "This can be a momentum to examine potential public demand and the relevance of Bitcoin as an investment instrument that can be accessed by conventional investors in Indonesia," explained Jesse in his statement.

Regarding crypto investors in Indonesia, in general the approval of the Bitcoin Spot ETF has received quite a lot of enthusiasm.

“Based on Reku's discussions with users, they are very enthusiastic about Bitcoin ETFs. "It is also hoped that this phenomenon will further increase people's interest in investing in crypto," added Jesse.