Bitcoin has managed to briefly rise to $ 49,000 in the last few hours – a new all-time high.
What triggered the increase? It is speculated that corporate news may have had an effect. These range from North America’s first Bitcoin Exchange Traded Fund, which launched in Canada on February 11, to a Bloomberg report claiming that Morgan Stanley’s $ 150 billion arm Counterpoint Global is considering getting into Bitcoin Bank.
The bitcoin news flow for the past few days has been serious – in a good way. On February 8, it was announced that Grayscale had added Bitcoin ( Bitcoin to $ 100,000 by 2022? ) To its Grayscale Bitcoin Trust in January for 150% of the BTC mined that month.
On February 11, Grayscale tweeted a table showing their stocks. GBTC now holds over $ 30 billion in BTC under management. According to Bybt, Grayscale owns 653,830 BTC.
The Holy Grail – in Canada
Grayscale became famous for offering institutional investors a way to invest in BTC indirectly. Since GBTC and Grayscale’s altcoin offerings are not traded in a market, they are regulated differently than what they are.
However, American institutional investors looking to buy bitcoins have been crying out for an exchange traded fund (ETF). An application from Gemini Trust in 2017 was denied by the Securities and Exchange Commission because of the immaturity of the Bitcoin market.
This was the first of many such rejections by the SEC – unfortunately for professional traders
The Purpose Bitcoin Fund launched in Canada on February 11th. This fund is the first Bitcoin ETF in North America and is traded on the Toronto Stock Exchange. Additionally, Gemini Trust is the sub-trustee responsible for holdings outside Canada.
Purpose Investments is the first – but the likelihood that the SEC will continue to reject ETFs in the US is unlikely. Valkyrie Fund filed for an ETF in January 2021, and the pressure on the SEC to approve the fund is now greater.
Such an OK would allow even more institutional investors to get exposure to BTC.
Morgan Stanley – in Bitcoin
Bloomberg reported on Feb. 13 that Morgan Stanley is considering entering the BTC market, according to its sources. The investment giant’s $ 150 billion “Counterpoint Global” would take over the investment.
However, the step requires both regulatory approval and an OK from the parent company. When Morgan Stanley puts its stamp of approval on a Counterpoint Global entry, a BTC at $ 50,000 is just the beginning.