[Bitcoin Now] Hovering Around 58 Million Won... Bitcoin ETF Listed in Canada

Canadian Financial Authorities Approve Bitcoin-Tracking ETF... US Market Entry Also in Focus
A Step Back by Bill Gates... "I Don't View Bitcoin Negatively"

On the morning of the 18th, the Bitcoin price is displayed on the Upbit Lounge price ticker board at a cryptocurrency exchange in Gangnam-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The representative cryptocurrency Bitcoin is hovering around 58 million KRW as it begins to enter the North American securities market. Meanwhile, Bill Gates, the founder of Microsoft (MS), has softened his previously negative stance on Bitcoin.

According to the domestic cryptocurrency exchange Upbit, as of 10:50 AM on the 19th, Bitcoin recorded 57,717,000 KRW, down about 0.2% from the previous day. It reached 58.3 million KRW at 9:33 AM that day, but there were no other significant movements.

Bitcoin has recently started to enter the institutional market along with its upward trend. According to the US economic media Bloomberg on the 18th (local time), the ‘Purpose Bitcoin Exchange-Traded Fund (ETF)’ designed by the Canadian asset management company Purpose Investments officially began trading on the Toronto Stock Exchange (TSX). The Purpose Bitcoin ETF is the first Bitcoin price-tracking product approved in the North American region, recording a trading volume of 165 million USD (approximately 182.5 billion KRW) on its first day of trading.

Attention is now focused on whether a Bitcoin ETF will be launched in the US securities market as well. According to cryptocurrency specialized foreign media Coindesk on the 16th (local time), the Ontario Securities Commission (OSC) conditionally approved the launch of the Evolve Fund Group’s Bitcoin ETF. The Evolve Fund Group has also requested approval for the Bitcoin ETF launch from US financial authorities. James Seyffart, an analyst at Bloomberg Intelligence, a research institution under Bloomberg, analyzed, “Since the Canadian and US stock markets are similar, a Bitcoin ETF could also be launched in the US.”

The US giant cryptocurrency exchange Coinbase is preparing for a Nasdaq listing. On the 29th of last month, Coinbase announced that it would directly list on Nasdaq. A direct listing is a method of listing existing shareholder stocks immediately without issuing new shares or conducting a public offering process. According to Coindesk on the 17th (local time), Coinbase is valued at about 77 billion USD in the Nasdaq Private Market (over-the-counter stock market).

Meanwhile, Bill Gates, the founder of Microsoft (MS), has somewhat softened his negative stance on Bitcoin. In an interview with the US economic media CNBC on the 18th (local time), he said, “I don’t have Bitcoin, but I don’t have a negative view either.” Previously, in 2018, Bill Gates criticized Bitcoin through the US online community Reddit, saying, “Because of Bitcoin’s anonymity, problems such as money laundering and tax evasion can occur.” However, in the interview that day, he added, “It is difficult to predict the price.”

This content was produced with the assistance of AI translation services.