Australia Will Launch Bitcoin ETF, This Is Leaked Information!

Bitcoin ETF will launch in Australia. (Photo; Doc. NewsBTC)

JAKARTA - Australia is preparing to introduce Bitcoin exchange-traded funds (ETFs), a step inspired by growing demand for Bitcoin funds in the United States. In 2024 alone, US Bitcoin funds have raised impressive funding of $553 billion (approximately IDR 861.25 trillion). Investors in Australia will soon have the same opportunity as their US counterparts to participate in the Bitcoin market through regulated funds.

Leading companies such as VanEck Associates Corp. and BetaShares Holdings Pty are working to launch Bitcoin ETFs on the Australian Securities Exchange (ASX), which handles most of the country's stock trading. It is estimated that the first Bitcoin ETF will gain approval for trading on ASX's primary market by the end of 2024.

The move follows in the footsteps of the success of Bitcoin ETFs in the United States, where offerings from financial giants such as BlackRock Inc and Fidelity Investments have contributed significantly to the total collected funds. Hong Kong also doesn't want to be left behind, with plans to launch funds investing directly in Bitcoin and Ethereum by the end of April.

The crypto market has seen significant gains, with Bitcoin hitting an all-time high of $72,689 (approximately IDR 1.18 trillion) on March 13. This increase has sparked the issuance of the ETF to take advantage of the bullish trend, with many anticipating sustainable growth in the digital asset space.

Bitcoin ETF In Australia

Australia has great potential for Bitcoin ETF, with a strong pension sector worth $2.3 trillion (approximately IDR 37.38 quadrillion), and most of them, around 25%, are in self-managed superannuation funds (SMSFs). Industry experts, such as VanEck Australia's Jamie Hannah, believe that these funds can become the main market player for Bitcoin ETFs.

The current wave of Bitcoin ETF applications is the second attempt in Australia. Two years ago, Australia's CBOE tried to launch its first Bitcoin ETF spot, but failed to get enough attention. Cosmos Asset Management, which is based in Sydney, launched a Bitcoin ETF in 2022 but finally withdrew from the list due to inadequate funding.

Industry experts are now placing their stakes on ASX, in the hope that safe token storage will be a key aspect of the stock exchange checking.

Despite the recent decline in Bitcoin prices, Australian investors remain optimistic about the long-term prospects for cryptocurrencies. Lisa Wade of DigitalX stated that Australians could allocate up to 10% of their portfolio for cryptocurrencies, which could revolutionize the financial world.