Bitcoin ETF approved in Hong Kong

[tabas]

I just saw this news recently and this is the cause why we see some recovery from where Bitcoin has been this weekend. Alongside this Bitcoin ETF approval, ETH ETF was also approved by the Hong Kong regulators.

SHANGHAI (Reuters) -- Hong Kong's securities regulator approved the first spot bitcoin and ethereum exchange traded funds (ETFs) on Monday, a milestone on the way to becoming Asia's first city to accept the popular cryptocurrencies as a mainstream investment tool.

In separate statements, the Hong Kong unit of Bosera Asset Management and China Asset Management said they had received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to launch the ETFs.
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PS: I'm not sure if this is the right place for this thread so since it includes ETH, mods kindly move where it's appropriate. Thanks!

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[Oshosondy]

Including altcoins does not mean anything, the news is also about bitcoin ETF and it can stays in bitcoin discussion or it can be moved to legal.

It is good to read this kind of new. I hope that more countries will follow this and approve bitcoin ETF.

But it is good to know that bitcoin ETFs are not bitcoin but a token pegged to bitcoin spot price.

[Odusko]

This is one of those news that could increase the motivations of most bitcoin holders, most especially those that have witnessed the last weekend market bloodbath, I believe this news will trigger a more positive market outlooks and increase investors appetite to keep the price up before the bitcoin halving event which is around the corner, Hong Kong ETF approval is one big News for the market following the first January ETF approval that triggered the recent multiple all-time highs.

[Taskford]

Not only on bitcoin but also they approve ETH ETF https://www.businesstimes.com.sg/companies-markets/hong-kong-approves-first-bitcoin-ether-spot-etfs which is really good to introduce bitcoin and ethereum as an asset that good to trade.

Maybe this could not give much effect since the hype of ETF is I think done already with its last approval and it didn't give much effect but rather the market collapsed at that time which nobody expect to happen. But let see if there's some changes with this good news happened since we need hype to boost up the effect of halving so we could provably see more better figures for this year.

[tabas]

Including altcoins does not mean anything, the news is also about bitcoin ETF and it can stays in bitcoin discussion or it can be moved to legal.

It is good to read this kind of new. I hope that more countries will follow this and approve bitcoin ETF.

But it is good to know that bitcoin ETFs are not bitcoin but a token pegged to bitcoin spot price.

Looks like if it stays here then you're right that it's fine since it's still all about Bitcoin as the highlight of the news is on it. We probably will hear more of the same news for this bull run.

This is one of those news that could increase the motivations of most bitcoin holders, most especially those that have witnessed the last weekend market bloodbath, I believe this news will trigger a more positive market outlooks and increase investors appetite to keep the price up before the bitcoin halving event which is around the corner, Hong Kong ETF approval is one big News for the market following the first January ETF approval that triggered the recent multiple all-time highs.

We've seen the reaction of the market and that's quick. So, with more news that are like this then we're likely to see a continuous price increase but it won't be as easy as how I describe it. But I am moving forward to the halving effect instead of these bitcoin etf news.

Not only on bitcoin but also they approve ETH ETF https://www.businesstimes.com.sg/companies-markets/hong-kong-approves-first-bitcoin-ether-spot-etfs which is really good to introduce bitcoin and ethereum as an asset that good to trade.

Yes and I've included that into the OP.

Maybe this could not give much effect since the hype of ETF is I think done already with its last approval and it didn't give much effect but rather the market collapsed at that time which nobody expect to happen. But let see if there's some changes with this good news happened since we need hype to boost up the effect of halving so we could provably see more better figures for this year.

It had an impact and from the weekend, the lowest was $62k. After having this news, it had increased to $66k so there's the impact but compared to the past approved ones, it's not that a lot.

[Lucius]

This will probably be good for the price of BTC if the interest in this kind of investing in BTC is approximately the same as in the US - although it is possible that this ETF will be as successful as some others in other parts of the world where investors have not shown much interest in such a way of investing.

What is bad is that China is somehow getting back into the game, and considering its attitudes towards everything that is decentralized, the only question is when it will start attacking Bitcoin again. No matter how you turn it, Bitcoin and communism cannot co-exist together, so in the long term I see only problems in these decisions, of course only if these ETFs are successful in attracting investors.

[a8832021]

This will probably be good for the price of BTC if the interest in this kind of investing in BTC is approximately the same as in the US - although it is possible that this ETF will be as successful as some others in other parts of the world where investors have not shown much interest in such a way of investing.

What is bad is that China is somehow getting back into the game, and considering its attitudes towards everything that is decentralized, the only question is when it will start attacking Bitcoin again. No matter how you turn it, Bitcoin and communism cannot co-exist together, so in the long term I see only problems in these decisions, of course only if these ETFs are successful in attracting investors.

Do not think too far away. Even though communism can achieve eventually, it must in the long future. Maybe in that time, bitcoin is out-of date. What's more,if communism achieves,the products and wealth in the society will be sufficient and poverty will never exist, shall we need investment to gain more money?

[DanWalker]

This will probably be good for the price of BTC if the interest in this kind of investing in BTC is approximately the same as in the US - although it is possible that this ETF will be as successful as some others in other parts of the world where investors have not shown much interest in such a way of investing.

What is bad is that China is somehow getting back into the game, and considering its attitudes towards everything that is decentralized, the only question is when it will start attacking Bitcoin again. No matter how you turn it, Bitcoin and communism cannot co-exist together, so in the long term I see only problems in these decisions, of course only if these ETFs are successful in attracting investors.

Do not think too far away. Even though communism can achieve eventually, it must in the long future. Maybe in that time, bitcoin is out-of date. What's more,if communism achieves,the products and wealth in the society will be sufficient and poverty will never exist, shall we need investment to gain more money?

If they really want to attack bitcoin again then I don't think any ETFs will be approved because I believe that even though these decisions come from Hong Kong, it is China who makes the decisions behind that.
The Chinese government has repeatedly expressed that it does not want to be friendly to bitcoin and cryptocurrencies, but we cannot deny that the cryptocurrency market in China is very large and strong. I think they will not want to become outdated and slow compared to the US, so it is understandable that they return to bitcoin and crypto.

[kryptqnick]

Approval in Hong Kong doesn't mean future countrywide approval in China (because Hong Kong is a special administrative region), but it's still good news. It just shows that Bitcoin is becoming more reputable as an investment, and perhaps we'll see some other places follow suit.

What is bad is that China is somehow getting back into the game, and considering its attitudes towards everything that is decentralized, the only question is when it will start attacking Bitcoin again. No matter how you turn it, Bitcoin and communism cannot co-exist together, so in the long term I see only problems in these decisions, of course only if these ETFs are successful in attracting investors.

I think that what happens in Hong Kong, stays in Hong Kong and doesn't impact mainland China. In most of China, the country's keeping its citizens on a short leash, with a lot of restrictions and surveillance. That, I agree, is incompatible with Bitcoin. But Hong Kong is a different story altogether, a region that has historically been separate and enjoyed a lot more freedom even while being a part of China. It gives an illusion of choice, as if Chinese citizens have some options, while generally keeping things centralized.

[Die_empty]

At least we have good news amid global unrest, high transaction fees and a drop in Bitcoin price. Hong Kong is ranked 43rd on the list of major economies of the world. And it's stock market is ranked 4th in Asia and the 7th biggest globally. Other smaller nations around the sub-region might consider taking the same move.

Approval in Hong Kong doesn't mean future countrywide approval in China (because Hong Kong is a special administrative region), but it's still good news. It just shows that Bitcoin is becoming more reputable as an investment, and perhaps we'll see some other places follow suit.

With the approval in Hong Kong, there are possibilities that Bitcoin might become friendly in China in future. My assumption is based on the fact that China has a lot of control over Hong Kong and allowing them to approve ETF might be an indication that they might change their unfriendly stance in the future. China might be using Hong Kong as a testing ground for Bitcoin adoption.

[Dunamisx]

It is good to read this kind of new. I hope that more countries will follow this and approve bitcoin ETF.

Can this actually triggers for more adoption on bitcoin as a legal tender or we should only take this as something that is more of being beneficial to the organizations and all other third party investors than we already stand to gain in bitcoin adoption, we should be able to tell that bitcoin ETF has only affect the adoption of the use case for bitcoin and the market price positively, but there is still more to expect in seeing many countries making it as a legal tender.

But it is good to know that bitcoin ETFs are not bitcoin but a token pegged to bitcoin spot price.

That's true.

[HideYourKeys]

I believe the price will rise gradually, like what happened with US etf

[KingsDen]

It is good to read this kind of new. I hope that more countries will follow this and approve bitcoin ETF.

Can this actually triggers for more adoption on bitcoin as a legal tender or we should only take this as something that is more of being beneficial to the organizations and all other third party investors than we already stand to gain in bitcoin adoption, we should be able to tell that bitcoin ETF has only affect the adoption of the use case for bitcoin and the market price positively, but there is still more to expect in seeing many countries making it as a legal tender.

I think asking that bitcoin be made a legal tender in different countries is overly big to be requested. I don't think it's what the community wants. Just allow bitcoin be and also fiat be. Then this ETF approval and other related approvals are much good to globalize the adoption. I don't think that bitcoin wearing the legal tender status will perform better. Take the El Salvador case for instance.

I believe the price will rise gradually, like what happened with US etf

Might also not happen because the wave and the news isn't as big as the US ETF. If not for this thread, I wouldn't be aware.

[Z-tight]

I believe the price will rise gradually, like what happened with US etf

Nope, the impact cannot be as big as that of the U.S, take a look at the billions of $ in inflows since the spot etf was approved earlier this year, this is what has influenced the price of BTC and the reason why it pumped as high as it did. This etf approval in Hong Kong would not be as big as that, it was not even eagerly anticipated because i didn't hear anything about it until today, this approval can have a small impact, but it would not be anything significant.

[B1-66ER]

PS: I'm not sure if this is the right place for this thread so since it includes ETH, mods kindly move where it's appropriate. Thanks!

No, it is not. It should be about Bitcoin only.

—Max.
BTC>

[nurilham]

Not only on bitcoin but also they approve ETH ETF https://www.businesstimes.com.sg/companies-markets/hong-kong-approves-first-bitcoin-ether-spot-etfs which is really good to introduce bitcoin and ethereum as an asset that good to trade.

Indeed. The approval indicates Bitcoin and Ethereum are trustable digital assets. However, it doesn't mean to have lower risks, they are still high risk assets. So, everyone never forgets that Bitcoin and Ethereum still have the same nature. Whether they are good or not for us, it depends on the way to invest or trade them.

Maybe this could not give much effect since the hype of ETF is I think done already with its last approval and it didn't give much effect but rather the market collapsed at that time which nobody expect to happen. But let see if there's some changes with this good news happened since we need hype to boost up the effect of halving so we could provably see more better figures for this year.

The good news about Bitcoin or Ethereum ETF will always bring good impact in crypto market. Although it won't suddenly push the prices of Bitcoin and altcoins rising high, but it should bring positive impacts in the market sooner or later. The hype of ETH will never end, it is not like the hype on meme coins. ETF is about the future of crypto coins, it is not for a temporary matter.

[aoluain]

Approval in Hong Kong doesn't mean future countrywide approval in China (because Hong Kong is a special administrative region), but it's still good news. It just shows that Bitcoin is becoming more reputable as an investment, and perhaps we'll see some other places follow suit.

What is bad is that China is somehow getting back into the game, and considering its attitudes towards everything that is decentralized, the only question is when it will start attacking Bitcoin again. No matter how you turn it, Bitcoin and communism cannot co-exist together, so in the long term I see only problems in these decisions, of course only if these ETFs are successful in attracting investors.

I think that what happens in Hong Kong, stays in Hong Kong and doesn't impact mainland China. In most of China, the country's keeping its citizens on a short leash, with a lot of restrictions and surveillance. That, I agree, is incompatible with Bitcoin. But Hong Kong is a different story altogether, a region that has historically been separate and enjoyed a lot more freedom even while being a part of China. It gives an illusion of choice, as if Chinese citizens have some options, while generally keeping things centralized.

Its interesting and kind of annoying that possibly China through HK may be getting
back into Bitcoin. Wouldnt HK needed to get "clearance" from China to approve these
ETF's eventhough HK is seen as more independent?

I believe the price will rise gradually, like what happened with US etf

Nope, the impact cannot be as big as that of the U.S, take a look at the billions of $ in inflows since the spot etf was approved earlier this year, this is what has influenced the price of BTC and the reason why it pumped as high as it did. This etf approval in Hong Kong would not be as big as that, it was not even eagerly anticipated because i didn't hear anything about it until today, this approval can have a small impact, but it would not be anything significant.

I think this ETF approval in HK will mean a "back door" for Chinese investors to get into a
Bitcoin ETF and China is the largest financial market after the US. If the Chinese can tap
into the HK ETF's it could mean big buying for Bitcoin.

Interesting that ETH gets a spot ETF approval as well.

[Faisal2202]

PS: I'm not sure if this is the right place for this thread so since it includes ETH, mods kindly move where it's appropriate. Thanks!

I think it is the right place, as if ETH added then BTC has also been discussed here, and I am here mainly for BTC so this topic deserves a place here.

That's good news, it will bring more investors and more funds into the BTC M.cap directly or indirectly. Now I am waiting for China to do something about it, as the USA is imposing tax, and the IMF asked our country to impose tax as well, so I assume China will also make some positive move now if they really make some positive move, then we are seeing BTC crossing $150k easily.

Besides I don't think this news it the main reason behind BTC recovery, as this news has been out since afternoon (on my side) as I saw the news when it was out like within minutes, and the market had already recovered from the dip (ATL) so I assume this is not the main reason but it would have helped BTC to recover more than expected. But still I am expecting a correction to $64k But let's hope for good. Which it already did.

[Ojima-ojo]

Since I saw this thread, I have hard the option to search out more and to also analysed the impact of the Hong Kong ETF approval on the price of bitcoin, because despite the news, the market still remains at it down trend movement still because at the moment, bitcoin is below 65k dollar, somewhere around between 62k-$63k respectfully.

This doesn't show any sign of positivity of the approval on the market outlooks, and that call for concerns.

[peter0425]

Crypto is not well-accepted in mainland china (read: banned) so it is nice to see that other countries are taking the step forward to accepting crypto specifically bitcoin.

This is definitely good news for crypto enthusiasts in hongkong and bitcoin investors because this means the price of bitcoin will continue to rise as more buyers are getting access to bitcoin.