Australia's first Bitcoin ETF just opened for trading

[Dunamisx]

Monochrome Asset Management just launched Australia's first Bitcoin ETF, named Monochrome Bitcoin ETF (IBTC).

This is a new development and we expect to see it make some significant impact on bitcoin price this month, whereas there have been many speculations already concerning the bitcoin market price of crossing $73,000 down and close to $80,000 and with these, we also expect to see more of participations in Australia for increased business activities and bitcoin adoption in boosting their own economy.

I observed that Bitcoin price as of today is approximately $70k, and I don't know whether the slight price increase is as a result of the news of the Australian ETF approval, because it has been a while since we saw Bitcoin price to to be above $69k. Anyway the latest ETF is a plus for the adoption of Bitcoin, on individual investors level and on institutional levels, more people and companies are holding it through ETFs and in none custodial wallets. Although I don't think that this Australian ETF will have as much impact on Bitcoin price as the US ETF did, but it can be an added advantage to increase the demand of Bitcoin, which will increase it's price to boost the bull run.

Anything could have contributed to the little pump realized for today, even though we cannot predict what the end of the day may turned out to be, but just as others have already said, we can't predict if their decision for Bitcoin spot ETF is going to lead to a pump in bitcoin market price till we achieve a new all time high or experience something otherwise, but we all know we are considering a volatile cryptocurrency here and anything can happen at anytime from now, we should only get prepared for whichever comes first.

[Maus0728]

I just think of ETFs like bonds or those investments in banks where a lot of people are pooling their money so a fund manager can manage so they can make some passive income, if I recall, it's called index funds so correct me if I'm wrong with that one. I don't really agree with the assessment that this was a sought after or that this thing has been on the list of many Australians because bitcoin ETFs aren't really bitcoin as we all know it and it's not really something most of them are looking forward when they can just buy bitcoins directly and probably much more than they're going to pay in bitcoin ETFs.

[ChiBitCTy]

This is great news!  I also prefer to hold/own/buy bitcoin directly, but there's a lot of people who've got money in retirement plans, like IRA's here in the United States that can't access the funds prior to the age of 59.5, so investing it a bitcoin ETF allows direct exposure as well as limits tax liability (potentially) or is simply the only source of money that they have that is able to be invested in bitcoin.

I wonder if in AU, or other countries across the glove if your stock market allows for US ETFs through ADR's, or a similar type product (ADRs= American Depository Receipts.. a way to own a stock that is not listed in the US)

[nullama]

This is great news!  I also prefer to hold/own/buy bitcoin directly, but there's a lot of people who've got money in retirement plans, like IRA's here in the United States that can't access the funds prior to the age of 59.5, so investing it a bitcoin ETF allows direct exposure as well as limits tax liability (potentially) or is simply the only source of money that they have that is able to be invested in bitcoin.

I wonder if in AU, or other countries across the glove if your stock market allows for US ETFs through ADR's, or a similar type product (ADRs= American Depository Receipts.. a way to own a stock that is not listed in the US)

In Australia you can have your retirement funds setup with Bitcoin.

The retirement savings are called Superannuation in Australia, and you can opt to self manage it. If you do that, you can set it up so that it invests in Bitcoin.

Here's one company that offers this service: https://www.bitaroo.com.au/self-managed-super-fund

So, you don't really need these ETFs to get Bitcoin in your retirement fund in Australia.

[Lucius]

Show me one Aussie who has always wanted Bitcoin but didn't already go out and get his own, sitting on the sidelines patiently for a spot ETF to get into it, and I'll show you... big corporations looking for ways to optimise tax.

I know I shouldn't be such a party-pooper about Bitcoin ETFs but really, I still sort of don't see the point for the yous and mes. Like Lucius says: we're happy when they're all falling over each other to buy, can we be as happy when they rush to sell?

As long as the price goes up, nobody will have anything against people investing in BTC through ETFs - but the market goes both ways and it's only a matter of time before most of those who buy start selling. It won't be tomorrow or in a couple of months, because even small children know that after the halving, the price always explodes, so this year will probably be about accumulation with the usual minor corrections.

However, I have no doubt that the next big correction (if there is one) will also be a good opportunity for all those who are already impatiently waiting for a new bear market.

[moneystery]

most people prefer to buy bitcoin etf compared to regular bitcoin, because they think that when they buy it their funds will be safe since the etf provider is regulated and has reserves to back it up. but just like you, i personally prefer to buy bitcoin directly from an exchange and hold it in my wallet. because when you buy bitcoin and hold it in your wallet, you can control it freely and anytime you want you can trade it, and you don't have to worry that someone will try to manipulate it.

[Reatim]

most people prefer to buy bitcoin etf compared to regular bitcoin, because they think that when they buy it their funds will be safe since the etf provider is regulated and has reserves to back it up. but just like you, i personally prefer to buy bitcoin directly from an exchange and hold it in my wallet. because when you buy bitcoin and hold it in your wallet, you can control it freely and anytime you want you can trade it,

People want to get in on with the recent money-making trend but do not want to do all the work so they buy ETFs.

It’s honestly the opposite of what should a cryptocurrency be but some people can’t understand that. What are the cons of buying etfs? It would be the added costs that you would need to pay to the company. Bitcoin is as expensive as it is, don’t add more fees to it.

When you also want to trade, ETF might not exactly replicate the current price of bitcoin so you might not get the exact price you wanted to buy or sell for. It might be good for public awareness but I wouldn’t trust these companies too much.

[NotATether]

Show me one Aussie who has always wanted Bitcoin but didn't already go out and get his own, sitting on the sidelines patiently for a spot ETF to get into it, and I'll show you... big corporations looking for ways to optimise tax.

I know I shouldn't be such a party-pooper about Bitcoin ETFs but really, I still sort of don't see the point for the yous and mes. Like Lucius says: we're happy when they're all falling over each other to buy, can we be as happy when they rush to sell?

Normal people are not going to go buy ETFs, unless they are of the boomer type who do not understand Bitcoin and are trying to invest money that's in their 401k or IRA or something like that.

It's only businesses who are going to buy those things, because they typically have very high custody costs since a lot of crypto is being stored there and the potential of embezzlement is high.

[avikz]

https://www.monochrome.au/news/articles/monochrome-launches-australias-first-bitcoin-etf-under-crypto-licensing-rules

Monochrome Asset Management just launched Australia's first Bitcoin ETF, named Monochrome Bitcoin ETF (IBTC).

It will be accessible through the Cboe Australia exchange with the ticker "IBTC", more specifically, CBOE:IBTC.

This is probably great news for investors wanting to access Bitcoin directly through an ETF.

Personally I just prefer to buy Bitcoin directly though. Maybe there is a benefit in terms of less fees?, but it's not worth it in my mind as you don't hold the key to these coins...

Rejoice!! Enjoy!!

While Bitcoin is slowly becoming the puppet of the deep pocket corporates!

Seriously we do not really need exchanges to roll out ETFs on Bitcoin. If these ETFs are not holding any physical Bitcoins, that's fine! We shouldn't care!

But if they are holding it, it's a matter of great concern. It's high time that the community starts understanding that it is not safe for commoners like us if Bitcoins are purchased in bulk by these corporates.

[buwaytress]

However, I have no doubt that the next big correction (if there is one) will also be a good opportunity for all those who are already impatiently waiting for a new bear market.

Been waiting for it for a while. There ought to be one, it's part of the definition of cycle and not having one will strengthen the case that cycles as we know it are over -- not something most of us prefer (just yet).

Normal people are not going to go buy ETFs, unless they are of the boomer type who do not understand Bitcoin and are trying to invest money that's in their 401k or IRA or something like that.

It's only businesses who are going to buy those things, because they typically have very high custody costs since a lot of crypto is being stored there and the potential of embezzlement is high.

Yup, nobody be holding the way a lot of people think ETFs will result it. Nobody be owning, either. It's all going to be shuffled back and forth between the suits. So, really, nothing different. Big yawn for me, honestly.

[Renampun]

More and more companies in the world are looking to launch their own ETFs. This is actually a good step because then it will increase people's interest in getting to know what Bitcoin is and start investing in it. Even though this Bitcoin ETF only replicates the original price of Bitcoin and allows people to trade it, and that will only benefit these companies, but at least in the future these large companies will start buying Bitcoin for their reserves and that will increase the price of Bitcoin.

And perhaps it will also open up opportunities for better Bitcoin regulation in the future.