Bitcoin has risen 6 percent on Tuesday to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent.
Any approval by the US Securities and Exchange Commission of an exchange-traded fund that owns bitcoin on behalf of fund investors is predicted to fuel demand. "The value of ... any asset, basically, is the amount of people using it," said Steen Jakobsen, CIO at Saxo."So the ETF would make a large audience and increase liquidity."
Investment giant BlackRock is among several major US financial firms with pending applications for bitcoin ETFs.
Source: Digital Coin News (digitalcoinnews.net)
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