Hashdex, one of multiple asset management firms with a pending Spot Bitcoin ETF application, is celebrating Bitcoin’s birthday. Bitcoin was created 15 years ago, and Hashdex dedicated a video to its inception and inspiration for the future of crypto.
“Crypto is still in the early stage of adoption” the video says. Hashdex calls Bitcoin a “generational investment” for its time. Now, the firm says that Bitcoin’s time has officially arrived, likely referring to the potential approval of Spot Bitcoin ETFs.
Hashdex is one of many asset management firms looking to secure a Spot Bitcoin ETF to make banking with crypto easier for its clients. The SEC has long pushed back its decision on Bitcoin ETF approval in the US, citing multiple concerns. However, US courts have put pressure on the regulator to make a decision, raising the hype around the Bitcoin.
Bitcoin has grown exponentially in the 15 years of its existence. It’s the leading cryptocurrency in its field, worth over $40,000 per BTC. With approval of Bitcoin ETF’s, the cryptocurrency is expected to not just soar, but to be implemented more by banks.
For Hashdex in particular, a Spot Bitcoin ETF would allow the firm to convert its existing Bitcoin Futures ETF into a spot ETF, tracking the active price of Bitcoin itself. Many experts and firms are optimistic that approval for the first ETF will come in Q4 of 2024, when likely many will follow suit.