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Fidelity launches Bitcoin Spot ETF in Canada



While the application process was still ongoing, many experts believed that it was more than likely that a spot Bitcoin ETF would still not be approved in the USA. In the end, this assessment was confirmed when the planned Bitcoin Spot ETF was rejected by VanEck. VanEck stepped up and launched a futures-based ETF shortly afterward, but that’s not the same in the end.

In neighboring Canada, people have been much more open to cryptocurrencies for a while. The Purpose Bitcoin ETF launched there in February 2021 is just one of many products that are available on the market and invest directly in cryptocurrencies. It seems like the Fidelity house has run out of patience to try it in the US and is relocating its investment product instead.

In fact, it is not foreseeable that the US Securities and Exchange Commission will give way in the near future. So it looks like the US is sidelining itself with its restrictive stance on the issue. Fidelity is by no means a flyweight at over $ 4 trillion AUM, so the latest move in Bitcoin Spot ETF speaks volumes.

What makes the Fidelity Advantage Bitcoin ETF different?

Bitcoin ETFs based on futures do not buy or hold BTC from the market, but rather simulate the performance of Bitcoin. Therefore, the Fidelity Advantage Bitcoin ETF is much more interesting in certain respects. Because it is not gambled with Bitcoin, but BTC is bought and hoarded.

On the one hand, this aspect meets the preferences of certain investors, on the other hand, one can also hope for a positive effect on the market. The more Bitcoin is bought by Fidelity, the less it might be available on the market. Since digital gold will become increasingly scarce in the future and a very large community of traders does not want to part with Bitcoin, one can speculate that such an ETF could have an impact on the price.

The prerequisite for this, however, is that the ETF is also complete success and is well received by investors. If you are really interested in Bitcoin, you should find out very quickly that the biggest advantage is being able to store BTC yourself and exercise full control over it.

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