Bitcoin has once again surpassed $ 60,000, reaching a level close to its all-time high. If the cryptocurrency is showing a clear rise, it is because of the authorization of a bitcoin ETF in the United States. Or rather, the absence of rejection of this fund by the SEC, the American policeman of the financial markets, which published Friday, October 15 the prospectus of registration of the fund “ProShares Bitcoin Strategy ETF”. The ETF rules in the United States do not effectively require the SEC to give a formal green light to a new fund, the launch of which can take place without any objection from the regulator within 75 days. , explains Reuters.
Listing of this new index fund could begin on Tuesday. One more step towards the democratization of cryptocurrency? This ETF avoids having to go through an exchange platform dedicated to crypto, such as Binance or Coinbase, or through a broker such as Coinhouse in France to invest in bitcoin. But if this financial instrument offers the possibility to any individual investor – such as a French saver with a securities account – to place his money in cryptocurrency, its operation remains complex.
This is why Christopher Dembik, director of research at the investment bank Saxo Bank, prefers to speak of “institutionalization” rather than “democratization” of bitcoin. This new ETF, backed by cryptocurrency futures, could attract new investors. And inspire other fund managers to launch their own bitcoin-backed ETFs in the weeks or months to come.
An investment reserved for informed savers
However, it does not allow you to invest directly in cryptocurrency, or in shares of companies operating in the crypto sector, but in derivatives. “It is not an interesting instrument for ‘classic’ savers. Without real knowledge of cryptocurrencies on the one hand and financial instruments on the other hand, you should not invest your money in them”, warns Christopher Dembik.
This investment is therefore rather reserved for institutional investors or, at a pinch, savvy savers. Finally, it is easier to go through a broker to acquire bitcoins and one of the digital asset service providers (PSAN) recognized by the Autorité des marchés financiers (AMF), which suggests a white list of these players. While some intermediaries may charge fees, this is also the case for ETF funds, recalls Alexandre Baradez, head of market analysis at the broker IG France.
Today, he invites him to devote part of his financial portfolio to cryptocurrencies, “of the order of 5 to 10% maximum”. To diversify his investment, he advises owning ether and cryptocurrencies other than bitcoin, such as “Solana or Avalanche”, which remain among the most promising in the sector.
Volatility and speculation remain very strong in the crypto universe. But “the market should become denser in the years to come”, believes Alexandre Baradez, with the emergence of new companies, serious projects and changes in regulation, although the high electricity consumption of bitcoin remains problematic in the future. ‘actual hour.