For the past six years, Argentine law, known as Law No. 27440. They blocked these types of funds from trading in the country.
But now, the country’s financial regulator, the National Securities Commission (CNV), has given the green light for U.S.-based Bitcoin and Ethereum ETFs. So, what exactly does this mean? First, let’s break it down.
Argentina approves Bitcoin and Ethereum ETFs for Investment
This decision is a big deal for Argentina, where cryptocurrency has grown in popularity. Especially as people look for ways to protect their money from inflation. The country has been battling high inflation rates for years. Many citizens have turned to Bitcoin and other cryptocurrencies as a way to store value outside of the Argentine peso. With the approval of Bitcoin and Ethereum ETFs, Argentinians will now have even more ways to invest in these digital assets through their traditional stock markets.
Why is this such a big step? Well, allowing Bitcoin and Ethereum ETFs to trade in Argentina opens up new investment opportunities for people who might not be comfortable buying cryptocurrencies directly. It’s a safer bet for some since ETFs are managed by professionals and don’t involve the risks of holding digital coins directly in a wallet. Plus, it could bring more global attention to Argentina’s growing crypto scene, drawing interest from investors both inside and outside the country.
NEW:
Argentina National Securities Commission approves opening the market to foreign spot #Bitcoin ETFs. pic.twitter.com/QHxZ3g9WMH
— Bitcoin Magazine (@BitcoinMagazine) December 9, 2024
While this change is a positive development for the crypto industry, it’s not without its risks. Bitcoin and Ethereum are known for their price swings, which can go up and down faster than a roller coaster.
More About BTC & ETH ETFs
The Bitcoin ETF, $IBIT, has officially broken records by surpassing $50 billion in assets under management (AUM) for the first time. What’s even more impressive is that it achieved this milestone in just 228 days—over five times faster than any ETF in history. For comparison, it took the gold ETF, $GLD, approximately 5.5 years to reach the same level.
Crypto is a movement:
The Bitcoin ETF, $IBIT, has officially surpassed $50 BILLION in assets under management for the first time.
It took just 228 days to reach this threshold, more than 5 TIMES faster than any other ETF in history.
To put this into perspective, for the gold… pic.twitter.com/r70uSDHGTv
— The Kobeissi Letter (@KobeissiLetter) December 9, 2024
This surge comes as Bitcoin prices have skyrocketed 32% in the past month, reaching an all-time high of $100,000. During this period, the overall crypto market has grown by an astounding $1.4 trillion, cementing its place as a major player in global finance.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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