Why ETF when people can directly invest into cryptocurrency! But as long as the ETFs are fully backed by cryptos, the money should be moving into the actual crypto market. So if this trend continues, it's a good news for cryptocurrency in general.
Cryptocurrencies are making a buzz worldwide. But not getting expected traction because of harsh tax treatments available in many countries. In my country, people are willing to invest in Bitcoin but not investing in reality because of a 30% tax imposition.
In my opinion, ETF is still needed as people will have more confidence to trust this market if it is handled by their government itself. It is a fact that up until now, many people are still hesitant to touch this market because of so many negative connotations. So it is a good entry for them to orient themselves in this market via ETF. Once they acquire better knowledge about crypto and blockchain tech, that's when they will independently invest in btc or other crypto projects.
