The first Australian Bitcoin ETF launched by Cosmos Asset Management was officially listed on the CBOE stock exchange on April 27. The program is expected to generate $1 billion in capital for the ETF.
However, Australia's first Bitcoin ETF will not invest directly in Bitcoin, it will invest in a Bitcoin ETF offered by Purpose Investments. This is unlike other EFT products of its kind around the world. The Cosmos Bitcoin EFT is the first product of its kind to invest with Canada. The first Bitcoin ETF product in Australia is also being launched in partnership with crypto fund manager Cosmos Capital.
Moreover, after the news of the Bitcoin ETF listing, the price of Bitcoin has started to see a recovery to over $41,000 and is trending upwards. However, the international Gate.io cryptocurrency exchange shows the current price of bitcoin at $21,850.73, and it has risen 7.51% in the last 24 hours at the time of writing.
With the effects of the CBOE's gradual pilot ETF now beginning to show, is it just a matter of time before some mainstream official trading platforms come online next? Is the rise in bitcoin price a trend that is bound to happen? Besides listing Australia's first ETF, what else is driving the bitcoin price up?
Bitcoin is Being Used More Widely in Life
Recently Strike has partnered with NCR, Shopify, and Blackhawk to add Bitcoin as one of the payment methods for international merchants. Since the Bitcoin Lightning Network is a second layer of technology developed on top of the BTC blockchain, it will quickly convert Bitcoin transactions into dollars, making it easier for people to use Bitcoin payments in their lives.
Not only that, but Strike has now expanded to include offline vendor partnerships such as McDonald's and Walmart. Such partnerships have taken bitcoin's applicability to a new level and reduced the volatility of the currency's value. Chief Mallers said more than 4,000 commercial stores will accept bitcoin payments through the lightning network, and people will be free to make their purchases by Bitcoin across the United States.
As Bitcoin's adaptability is expanded and the stability of the currency is improved, its Bitcoin price live will not experience a significant drop or spike. Once usage is broadened, acceptance of bitcoin increases, and state regulation of bitcoin may become stricter.
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