What does US approval of bitcoin ETFs mean for Australia?
ByDominic Powell
January 11, 2024 — 4.55pm
The finance world is abuzz with the news that the powerful US financial regulator has finally given its stamp of approval for bitcoin exchange-traded funds (ETFs), sending the price of the cryptocurrency soaring and enthusing investors in the nascent asset class.
So what does the move mean for bitcoin, and how will it affect investors in Australia?
What is bitcoin?
Bitcoin and other cryptocurrencies are a type of digital currency that uses blockchain technology to track and process transactions.
It was developed in 2008 by an anonymous person or group of people known only as Satoshi Nakamoto, with the goal of being an electronic version of cash that does not require a central financial institution such as a bank.
Bitcoin transactions are powered by an interlinked web of computers across the globe that are responsible for verifying, cross-referencing and processing transactions on the network.
Every 10 minutes, these transactions are packaged into a “block”, which is linked to the block before it – hence the term “blockchain”.
These blocks are unable to be modified or changed, and give cryptocurrencies such as bitcoin the credentials of being transparent, traceable, immutable, and very difficult to dupe.
What is an ETF?
Sharemarkets such as the Australian Securities Exchange (ASX) offer a number of shares that investors can purchase including well-known local companies such as Telstra or Woolworths.
However, investors can also opt to purchase exchange-traded funds, which are bought and sold just like shares, but instead of representing a holding in just one company, they track the price of a basket of multiple shares.
For example, if you were to purchase a unit of a popular ETF such as an ASX 200 ETF, you’d be purchasing a small exposure to the top 200 companies on the local bourse, all bundled together into one product.
Investors, especially inexperienced ones, opt for ETFs thanks to their lower risk profile than individual shares, along with the level of diversification they can offer.
What did American authorities decide?
The US Securities and Exchange Commission (SEC) approved 11 applications from major fund managers such as Blackrock, VanEck and Fidelity to issue ETF products that track the price of bitcoin. These products are expected to begin trading as early as this week.
Major funds have been vying to launch bitcoin ETFs for years but have been held back by the SEC, which until now had been concerned over the potential for market manipulation and the general volatility of the asset class.
SEC chair Gary Gensler said in the commission’s statement that the move should not be viewed as an endorsement of cryptocurrency by the SEC.
“Bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion and terrorist financing,” he said.
“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin.”
The SEC’s announcement was muddled yesterday after the regulator’s account on X (formerly Twitter) issued an “unauthorised” tweet announcing the decision.
What does this mean for cryptocurrency?
Crypto proponents have hailed the move as a watershed moment for the industry, believing the approval by the influential SEC will further legitimise the asset class, which has long been viewed as volatile and unreliable.
ETF approval will also theoretically allow sophisticated investors and funds to invest in bitcoin in a simpler manner, which supporters again believe will accelerate the cryptocurrency’s path to broader adoption.
“This further opens cryptocurrency to both retail and institutional investors via a traditional financial product,” says the chief executive of local crypto exchange BTCMarkets, Caroline Bowler.
“It is also reasonable to assume that this will expand crypto markets in general, as liquidity follows utility.
“So while this is an historic day for the industry, the impacts will be increasingly felt over time.”
However, the widely expected announcement is unlikely to be the panacea crypto supporters are looking for, as the industry is still recovering after the disastrous collapse of numerous exchanges in 2022, including the $32 billion FTX.
Regulators are still eyeing off many players in the industry, with local enforcer – the Australian Securities and Investments Commission – signalling last year it wouldn’t hesitate to act where needed.
Will there be an Australian offering?
The US regulator’s announcement will likely spur a wave of crypto ETFs locally, with Queensland-based fund Monochrome intending to launch its own offering in the first half of this year.
In late 2022, the ASX amended its listing rules to allow for ETFs tracking the price of bitcoin and ethereum – the second-largest cryptocurrency – however no funds have yet gained approval from the local bourse, which has implemented strict rules to protect investors.
What has the news meant for the price of bitcoin?
Following the announcement, bitcoin’s price rose about 8 per cent to $69,000. A raft of other smaller cryptocurrencies followed suit, with ethereum gaining 14 per cent to $3800.
Despite the SEC’s approval being heavily foreshadowed, investors are betting on the new ETFs introducing a wave of new buyers, which could further increase the asset’s price.
美国强大的金融监管机构终于批准了比特币交易所交易基金（ETF），这让加密货币的价格一路飙升，也让投资者对这一新兴资产类别充满信心。
那么，此举对比特币意味着什么，又会对澳大利亚的投资者产生什么影响呢？
什么是比特币？
比特币和其他加密货币是一种使用区块链技术追踪和处理交易的数字货币。
它是由一个匿名的人或一群人于 2008 年开发出来的，这个人或一群人被称为中本聪（Satoshi Nakamoto），其目标是成为一种不需要银行等中央金融机构的电子版现金。
比特币交易由全球计算机组成的一个相互连接的网络提供动力，该网络负责验证、交叉引用和处理网络上的交易。
每隔 10 分钟，这些交易就会被打包成一个 “区块”，并与之前的区块相连，这就是 “区块链 “一词的由来。
这些区块无法修改或变更，因此比特币等加密货币具有透明、可追踪、不可更改、难以伪造等特点。
什么是 ETF？
澳大利亚证券交易所（ASX）等股票市场提供许多股票供投资者购买，其中包括澳大利亚电信（Telstra）或伍尔沃斯（Woolworths）等知名本地公司。
不过，投资者也可以选择购买交易所交易基金，这种基金的买卖方式与股票类似，但并不代表只持有一家公司的股票，而是跟踪一篮子多只股票的价格。
例如，如果您购买一个热门 ETF（如 ASX 200 ETF）的单位，您就等于购买了当地交易所前 200 家公司的少量股票，所有这些股票都捆绑在一个产品中。
投资者，尤其是缺乏经验的投资者，会选择 ETF，因为它的风险比单个股票低，而且可以提供一定程度的多样化。
美国当局的决定是什么？
美国证券交易委员会（SEC）批准了贝莱德（Blackrock）、VanEck 和富达（Fidelity）等主要基金管理公司的 11 项申请，发行追踪比特币价格的 ETF 产品。预计这些产品最早将于本周开始交易。
多年来，各大基金公司一直在争相推出比特币 ETF，但一直被美国证券交易委员会（SEC）所阻挠，直到现在，SEC 一直对市场操纵的可能性和该资产类别的普遍波动性表示担忧。
美国证券交易委员会主席加里-根斯勒（Gary Gensler）在委员会声明中表示，此举不应被视为美国证券交易委员会对加密货币的认可。
“他说：”比特币主要是一种投机性的、不稳定的资产，也被用于非法活动，包括勒索软件、洗钱、逃避制裁和恐怖主义融资。
“虽然我们今天批准了某些现货比特币 ETP 股票的上市和交易，但我们并没有批准或认可比特币。”
美国证券交易委员会的公告昨天被弄得一团糟，因为监管机构在 X（前 Twitter）上的账户发布了一条 “未经授权 “的推文，宣布了这一决定。
这对加密货币意味着什么？
加密货币的支持者将此举视为该行业的分水岭，认为具有影响力的美国证券交易委员会的批准将进一步使这一资产类别合法化，而这一资产类别长期以来一直被认为是不稳定和不可靠的。
从理论上讲，ETF 的批准也将允许成熟的投资者和基金以更简单的方式投资比特币，支持者再次认为这将加速加密货币的广泛采用。
“本地加密货币交易所 BTCMarkets 的首席执行官卡罗琳-鲍勒（Caroline Bowler）说：”这进一步通过传统金融产品向散户和机构投资者开放了加密货币。
“我们也有理由认为，这将扩大加密货币市场的总体规模，因为流动性是效用的体现。
“因此，虽然这对行业来说是历史性的一天，但随着时间的推移，影响会越来越大。”
然而，这一广受期待的公告不太可能成为加密货币支持者们寻找的灵丹妙药，因为在2022年包括价值320亿美元的FTX在内的众多交易所灾难性倒闭之后，该行业仍在恢复之中。
监管机构仍在对该行业的许多参与者虎视眈眈，澳大利亚证券和投资委员会（Australian Securities and Investments Commission）是当地的执法者，它去年曾表示，在必要时会毫不犹豫地采取行动。
澳大利亚会发行吗？
美国监管机构的声明很可能会在当地掀起一股加密 ETF 的热潮，总部位于昆士兰的基金 Monochrome 打算在今年上半年推出自己的产品。
2022年底，澳大利亚证券交易所（ASX）修订了上市规则，允许发行追踪比特币和以太坊（第二大加密货币）价格的ETF，但目前还没有基金获得当地交易所的批准，因为当地交易所实施了严格的规则来保护投资者。
这一消息对比特币价格意味着什么？
消息公布后，比特币价格上涨约 8%，达到 69000 美元。其他一系列较小的加密货币也紧随其后，以太坊价格上涨 14%，达到 3800 美元。
尽管美国证券交易委员会的批准早有预兆，但投资者仍在押注新的 ETF 会带来一波新的买家，从而进一步提高比特币的价格。
通过DeepL.com（免费版）翻译
陳旭@perth 