Today, the first exchange-traded fund ETF, based on bitcoin futures of the Chicago Mercantile Exchange, began trading on the New York Stock Exchange (NYSE) under the ticker BITO. Analysts are confident that the launch of the ProShares Bitcoin Strategy ETF fund will contribute to an increase in the number of bitcoin purchases by new individual investors, as a result of which the value of the cryptocurrency may grow to $168 thousand by the end of the year, or by 170%. What is an ETF fund? This is an investment fund that forms portfolios of assets and issues its own shares, where each security is linked to a certain part of the fund's assets. Thus, an ETF allows you to purchase an asset without actually owning it. In the case of bitcoin, an ETF gives investors the opportunity to access bitcoin without having to cooperate with cryptocurrency exchanges. After the news of the approval of the bitcoin ETF by the US Securities and Exchange Commission (SEC), the value of the most popular cryptocurrency again updated its maximum, reaching the area of $65 thousand. Two factors contributed to the growth of bitcoin: the expectation that the launch of a new ETF will attract a significant inflow of funds, as well as the fact that investors who already have access to bitcoins get a new way of owning them. Which, in turn, will also contribute to more purchases.
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