The New York Digital Investment Group —NYDIG— has filed with the Securities and Exchange Commission —SEC— for a Bitcoin ETF, with Morgan Stanley being the first authorized participant, and the NYDIG being the custodian of that crypto-fund.
Both companies are hoping the SEC will finally set the green light now that Bitcoin and crypto, inevitably, are taking institutions and the mainstream by storm.
The Long Road for Bitcoin into Institutions
From 2017 to 2019, Bitcoin has had a hard time entering into institutional systems in the U.S. —mainly, the petition for a Bitcoin Exchanged-traded fund has been rejected multiple times by the SEC.
But as more countries like Australia and Canada are moving forward with this new financial vehicle, the U.S. could finally consider allowing a Bitcoin fund, now that big players in the industry like Morgan Stanley, Tesla, Grayscale, and several more major corporations are jumping in on digital assets.
A few days ago, the Australian Securities and Investments Commission —ASIC— approved a Bitcoin ETF listing on the Australian Stock Exchange, but Canada went first, by approving the world’s first Bitcoin ETF.
Could Bitcoin Hit $100K by the end of 2021?
Most hodlers in the crypto-community are going all out in favor of $100K for Bitcoin, which could become the greatest milestone achieved by BTC since its creation.
The petition of NYDIG came shortly after Bitcoin made history yesterday, finally reaching $50,000, and slowing down to $47,000.
It’s not about retail traders and deposited faith anymore. Major companies like Morgan Stanley and JP Morgan are exploring ways of adding Bitcoin into their sheets, now that the demand is growing stronger between accredited investors.
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