There is a lot of news for Bitcoin, The SEC (Securities and Exchange Commission) has approved Bitcoin ETF i.e. Exchange traded fund.
SEC Approval of BTC ETFs (January 10, 2024): The U.S. Securities and Exchange Commission (SEC) approved the launch of several Bitcoin (BTC) Exchange-Traded Funds (ETFs) on January 10, 2024.
Categorization of Bitcoin as a Commodity: Bitcoin, considered a commodity, trades in both cash and futures markets. The court decision emphasized the close relation between the underlying assets of BTC futures ETFs and BTC ETFs.
Our Perspective on Bitcoin Approval BTC ETF
Just as there is SEBI in India, there is SEC in the US. Along with retail investors, institutional investors who are the biggest players in the market can now diversify into crypto i.e. can invest in crypto. Of course, by doing this the demand for bitcoin will go up along with its rate but along with that SEC has also said that we do not endorse bitcoin. When the same was asked of the RBI Governor, he directly replied that what is good for the US is not necessarily good for India. This makes it clear that the Indian government will not allow crypto or bitcoin in India soon.
What do you think the Indian government is doing right or wrong? Tell us in the comment section.