Hong Kong Bitcoin ETF Receives 53 Million – Bitcoin Journal

Buyers within the Hong Kong Inventory Trade will have the ability to commerce the CSOP Bitcoin Futures ETF (3066.HK) beginning December 16 in keeping with a press launch. The ETF will monitor the Chicago Mercantile Trade’s Bitcoin ETFs by means of lively funding. It has acquired roughly $53 million in preliminary investments at an inventory worth of $1 (HKD 7.75).

The approval of the ETFs has each constructive and unfavourable connotations — whereas it alerts acceptance amongst conventional finance within the Asian markets, it’s not actually bitcoin within the sense that one can not change the ETF shares for actual bitcoin, neither is the ETF itself backed by a reserve of precise bitcoin. There are claims that such “paper bitcoin” can suppress the worth of actual bitcoin by means of diversion of demand.

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