Bitcoin and institutions – As crypto winter descends on our wallets and 2022 is marred by hacks and other scams that cause a crisis of confidence, Bitcoin, resilient, continues to attract institutional investors. Samsung, one of the largest manufacturers of phones and information technology in the world, is an illustration of this. The latter seems to be increasingly interested in the world of cryptocurrencies. Indeed, the investment arm of the tech giant, Samsung Venture Investment Corporation, has announced plans to launch an ETF (Exchange Traded Fund) of futures contracts in Bitcoin (BTC) for the Hong Kong market. A little ink is enough.
One small step for Bitcoin, one giant leap for institutions
According to CoinTelegraph, Samsung Venture Investment Corporation said it will launch on January 13 in the Hong Kong market. Bitcoin ETF. The objective would then be to allow institutional investors and individual investors to enter into futures contracts for the cryptocurrency king. So they can trade while respecting the local rules in force. This announcement once again confirms the interest that traditional finance has for Bitcoin in this region.
” Hong Kong is the only market in Asia where Bitcoin futures ETFs are listed and traded on the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management.»
Park Seong-jin, head of Samsung Asset Management Hong Kong – Source: CoinTelegraph
Bitcoin Gains Ground Despite Crypto Winter
It’s interesting to see Samsung, a company traditionally focused on technology, investing in it cryptocurrency market. This shows that major companies see sustainable potential in this technology and are willing to invest in this market despite the crypto winter.
The Bitcoin Futures ETF will allow investors to speculate on the future value of Bitcoin without having to actually own any currency. It is a simple and accessible way for investors to get started in the cryptocurrency market. Thus, this small step for Bitcoin may allow itattract more traditional investors.
For its part, after a few hours of life, the ETF is doing well. Like ours COLLEAGUES from Bloomberg, has already recorded an increase of 4.2%, thus confirming the interest of this new ETF for Samsung’s investment branch. It remains to be seen what results the latter will have in a few quarters.
The growing institutional love for Bitcoin in Asia is not new. L’Australia also followed suituntil US regulation continues to keep the cryptocurrency king at bay. Indeed, the SEC still refuses to create Bitcoin ETF for Grayscaleand the FTX case seems to have reinforced this position.
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