Speaking to Kitco News, the crypto trader and presenter of the podcast The Wolf Of All Streets Scott Melker talked about the importance of a Bitcoin exchange-traded fund (ETF): He expressed: Melker added: Melker forecasts that large institutional investors would abandon gold in favor of Bitcoin, particularly if an ETF is allowed in the United States.
Infrastructure bill
The United States infrastructure bill and the idea to partially fund the $1 trillion bill by putting tax-reporting requirements on Bitcoin brokers, according to Melker, is the best advertising for Bitcoin in history.
Crypto ETFs
Goldman Sachs Group Inc.’s asset management arm recently filed an application with the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) concentrating on securities of crypto-related businesses. Canada, for example, now has three BTC ETFs in operation, all of which have been authorized since the beginning of this year. In general, creating a Bitcoin ETF in Canada was expected to spur neighboring countries to follow suit, but U.S. regulators have yet to approve a Bitcoin ETF. In the first half of 2021, there was increased investor interest in global ETFs in general not just in crypto as they hit a record inflow of capital at $639 billion. [coinbase]
