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Ripple CBDC Advisor Reacts as Europe Gets First Bitcoin Spot ETF

Tue, 08/15/2023 - 14:10
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Tomiwabold Olajide
Launch of spot Bitcoin ETF is significant step forward for Europe
Ripple CBDC Advisor Reacts as Europe Gets First Bitcoin Spot ETF
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Ripple CBDC advisor Anthony Welfare has cheered the launch of a new Bitcoin spot ETF in Europe.

The Jacobi Bitcoin ETF has finally gone live on the Euronext Amsterdam stock exchange, bringing Europe a new Bitcoin spot ETF. 

Nearly two years after it was approved, London-based Jacobi Asset Management has listed Europe's first spot Bitcoin exchange-traded fund (ETF) on Euronext Amsterdam. 

The spot, or physical-backed Bitcoin fund, would give investors access to a financial product that is backed by Bitcoin.

The launch of the spot Bitcoin ETF is a significant step forward for Europe, given that U.S. regulators have yet to approve several comparable spot Bitcoin ETF proposals, including those from BlackRock and Fidelity.

XRP holder attorney and CryptoLaw founder John Deaton reacted to the news of the Bitcoin Spot ETF's launch: "Meantime in the United States."

Bitcoin spot ETF in U.S. awaits approval

The U.S. Securities and Exchange Commission delayed its decision to review the ARK 21Shares Bitcoin ETF proposal in the last week, leaving the crypto industry waiting for a spot-Bitcoin ETF. More applications will be reviewed in September.

Cathie Wood, CEO and CIO of ARK Investment Management, is hopeful, predicting that the U.S. Securities and Exchange Commission will approve numerous spot Bitcoin ETFs at the same time.

Sanford C. Bernstein analyst Gautam Chhugani stated in a report Monday that the likelihood of a spot Bitcoin ETF has increased.

Fidelity to Launch Spot Bitcoin ETF This Week

According to a Sanford C. Bernstein research estimate, exchange-traded funds may account for 10% of the market value of Bitcoin within three years if the U.S. permits a fund that invests directly in BTC.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.