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BTC breakout continues as new Bitcoin ETF is launched

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Our neighbors to the north beat us by legalizing marijuana.

Man in glasses holding a coin with the Bitcoin logo (BTC-USD)

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Now they are just beating us in a bitcoin business.

And by the way, bitcoin again set new all-time highs this week and for the first time exceeded the market value of $ 1 trillion. The first and largest cryptocurrency has grown over 350% in six months, over 200% in three months, and over 50% in one month.

I will say it went up to $ 50,000 faster than I thought it would, and I’m confident it will hit $ 100,000… most likely sooner or later.

As the great cryptocurrency awakening continues, how exactly has Canada beaten us?

Well, the first bitcoin exchange-traded fund (ETF) in North America started trading on the Toronto Stock Exchange on Thursday. It’s called the Bitcoin ETF objective, and it trades under the symbol “BTCC”.

Investors ate it. It was one of the most active stocks on the stock exchange that day, with nearly 10 million shares – worth around $ 165 million – changing hands.

This should come as no surprise to anyone.

Let me explain why the US is late and what you should be doing instead …

There is a lot of interest in a US bitcoin ETF. This is not the problem.

Bitcoin pioneer Cameron and Tyler Winklevoss tried to start one way in 2013, but it was rejected by the Securities and Exchange Commission (SEC).

They tried again in 2018 and have always been rejected. Others have tried as well, including Bitwise, Direxion, and GraniteShares.

In August 2018, the SEC rejected nine bitcoin ETF proposals… in one day!

The companies have not given up. VanEck filed an application with the SEC, and four weeks ago today, Valkyrie Digital Assets also filed an application to list a fund on the New York Stock Exchange.

For the past eight years, the SEC party line has been concerned with volatility, manipulation, and proper oversight.

It’s baloney. There is nothing wrong with a bitcoin ETF. The government just doesn’t want to get involved in something it doesn’t understand.

But it changes.

I think Canada’s willingness to approve a bitcoin ETF is putting some pressure on US regulators to catch up with reality.

The crypto awakening is early and with few regulations in place it’s a bit like the Old West. But I think that’s about to change as well.

I expect to see more regulation on cryptocurrencies, which isn’t necessarily a bad thing. In fact, it could be a good thing if regulations boost confidence in the burgeoning space.

It is essential that any regulation is smart and does not hamper innovation or limit accessibility. Well-designed regulations could help bitcoin and altcoins – which have even greater potential – to grow safely.

For this to happen, we need regulators who understand the blockchain technology that cryptocurrencies are built on and its potential to improve many areas of our lives. We need the person in charge not only to have heard of blockchain, but to have a deep understanding of it … and its invaluable value.

With President Biden’s appointment of Gary Gensler as the next SEC chairman, we’ve probably had the best of times. He’s a professor at MIT who taught a course on blockchain, so he clearly understands the technology and its applications.

He previously served as chairman of the US Commodity Futures Trading Commission in the Obama administration and is known as a tough regulator. But the key here is that I feel reasonably confident that future crypto regulations will be well thought out and help create an environment for continued innovation.

It would be huge. The worst thing we wish at this point is for anything to crush the potential of blockchain … and the huge opportunity for smart investors in the best altcoins.

Cryptos and blockchain will change everything. The way you buy everyday goods and services… buy a house… pay your taxes… even how you order pizza.

This transformation is already underway, which is why bitcoin continues to explode to record levels.

My friend Charlie Shrem and I believe that Bitcoin’s rally in the form of multiple breakouts in recent months is one of the biggest events in the cryptocurrency industry since Bitcoin all started in 2009. And Charlie was there. practically at the beginning.

The action proves that Bitcoin and its smaller peers – the altcoins we track Crypto investor network – are here to stay. In fact, altcoins have even greater potential than bitcoin. The altcoins in our portfolio have jumped almost 300% on average over the past five months.

We believe this is just the start. The truly seismic change – when massive profits are made – happens as businesses, consumers, big investors and even government and regulators realize what’s going on.

The first Bitcoin ETF in North America is a good start … and I expect a Bitcoin ETF in the US someday too, which will be even better. But time to wait is time wasted.

There is a huge amount of money flowing in cryptocurrencies at present because bitcoin and altcoins can no longer be ignored by big companies. We are seeing more and more fund managers, hedge funds, large institutions and even publicly traded companies turning to cryptocurrencies and the blockchain technology they run on.

This big money realizes that if they don’t make a plan today, they will be left behind.

The same goes for savvy investors. Not investing in cryptocurrencies and blockchain today would be like not investing in the advent of the Internet.

ETFs will come, but now is the time to be at the forefront of the next big technological revolution that will take hold in the Roaring Twenties.

As of the publication date, Matthew McCall does not hold (neither directly nor indirectly) any positions in any of the securities mentioned in this article.

Matthew McCall left Wall Street to really help investors – by getting them into the world’s biggest and most revolutionary trends BEFORE anyone. Click here to see what Matt has up his sleeve now.

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