The largest stock exchange in Australia is the Australian Securities Exchange (ASX). They could approve several Bitcoin (BTC) exchange-traded funds (ETFs) by the end of 2024.
What's new on the list
Following in the footsteps of US and Hong Kong fund issuers, spot bitcoin ETF applications from VanEck Australia and local ETF-focused fund manager BetaShares are set to be approved before the end of the year.
This is according to anonymous sources familiar with the matter, Bloomberg said.
The increase in orders for Bitcoin ETFs comes on the heels of approvals for Bitcoin ETFs in the US, which has resulted in a total of billions of US dollars in assets under management (AUM) across eleven different products.
Justin Arzadon, head of digital at BetaShares, said the huge influx into US ETFs had provided confidence to launch products in Australia and “show that digital assets are here to stay”.
Jeff Yu speaks
Jeff Yu, head of cryptocurrency management company Monochrome, says Australia has a lot of people using cryptocurrencies.
It is believed that Australian Bitcoin exchange funds will receive between $3 billion/€2.7 billion and $4 billion/€3.7 billion in the first three years.
According to Yu, people want to manage money and people with their own pension funds want to buy Bitcoin.
Ordinary people want this too, but to a lesser extent.
People who have their own pension funds already have Bitcoin on websites where you can buy cryptocurrencies.
But this is dangerous, because if those sites go down, they lose their money. The Australian Taxation Office says there is more than $1 billion/€933 million worth of bitcoin on those sites, much of it from people with their own superannuation funds, Yu says.
But with Bitcoin exchange funds, people can buy Bitcoin more safely.
Monochrome first tried to set up an exchange on July 14, 2023 on the ASX, a large exchange, but it took too long, so they turned to a smaller exchange, Cboe Australia.
Approval for Australia is on the horizon, but that means waiting until it actually ends.
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