Australia's main exchange might allow Bitcoin ETFs
Jeff Yew, CEO of Monochrome, predicts that Bitcoin ETFs in Australia could attract $3-4 billion in inflows within their first three years.
Jeff Yew, Monochrome's CEO, has a positive outlook on Bitcoin ETFs in Australia, predicting they could attract $3 billion to $4 billion in inflows within three years. This shows rising investor confidence in digital assets.
Australia ???????? joins the #Bitcoin race.#spot #bitcoinetf @MonochromeAsset https://t.co/hqXb9RY5HL pic.twitter.com/KEEXHQ9Eo6 — Jeff (@jeffyew_) July 13, 2023
Meanwhile, the Australian Securities Exchange (ASX) is reviewing spot Bitcoin ETF approvals, with VanEck Australia and BetaShares in pursuit. They're following successful models from the US and Hong Kong, as reported by Bloomberg.
This interest echoes the US's $53 billion success with Bitcoin ETFs across eleven products. Justin Arzadon from BetaShares sees it as proof of digital assets' stability, spurring similar ventures in Australia.
Yew anticipates substantial investments due to Australia's crypto-friendly climate, possibly totaling billions. However, he cautions about risks, especially for SMSF investors, likening direct crypto exposure to a "time bomb." In contrast, Bitcoin ETFs offer regulated safety.
Monochrome's shift to Cboe Australia reflects regulatory changes and exchange competition, showcasing the digital asset market's maturation. Yew is hopeful about Cboe Australia's approval, acknowledging ASX's regulatory hurdles.
