미국의 비트코인 ETF 승인에 한국 투자자들은 낙관적이다.

A real-time chart of digital currencies such as Bitcoin traded in Korea was posted on the Bithumb electronic display board of the Sekoho-gu cryptocurrency exchange in Seoul on the 23rd. Korea Times photo reporter Shim Hyeon-cheol

South Korea urges approval of Bitcoin ETF to retain investors

 

As the U.S. securities regulator made a groundbreaking decision on the Bitcoin exchange-traded fund (ETF) on the 21st (local time), domestic individual investors will be able to achieve higher returns after lowering the barriers between traditional finance and the digital asset industry. He looks optimistic. .

The decision allows a total of 11 ETFs that track the value of Bitcoin, the world's largest cryptocurrency, to be accepted on U.S. traditional market exchanges starting Thursday.

ETFs, which can only be traded on traditional stock markets, cover a variety of assets, currencies and commodities, and this is the first time such a financial instrument includes a cryptocurrency as an underlying asset.

In this situation, majority shareholders of the Seoul-based cryptocurrency exchange operator on Thursday saw a much steeper rise than their peers in the industry.

For example, Woori Technology Investment, which holds a 7.24% stake in Dunamu, the operator of Upbit, Korea's largest cryptocurrency exchange, soared 29.98% on the technology-focused KOSDAQ, closing at 8,020 won ($6.10).

Hanwha Investment & Securities, another shareholder with a 5.95% stake in Dunamu, also closed at 4,400 won, up 29.99% based on KOSPI.

“Retail investors seem to believe that the launch of a Bitcoin ETF on the U.S. stock market could increase the trading volume and value of digital coins there, as well as the value of affiliated stocks,” said Xangle, a Seoul-based data and information provider. said. To digital currency.

The company pointed out that the Korean capital market is greatly influenced by the U.S. capital market.

He also pointed out that with this decision by the Securities and Exchange Commission, 11 ETF management companies, including mainstream institutional investors such as Blackrock and Fidelity Investments, are expected to see a huge influx of cash into the U.S. cryptocurrency market.

As of Wednesday, Bitcoin's market capitalization was more than $913 billion, according to CoinGecko.

The total net assets of U.S. ETFs are $6.5 trillion, according to the Investment Company Institute.

In a separate analysis, Standard Chartered said ETFs could raise $50 billion to $100 billion this year alone.

Xangle expected South Korean financial regulators to follow the U.S. path and approve a Bitcoin ETF in a bid to keep traditional financial and digital asset investors from leaving the country.

Otherwise, investors will take out their cash and invest in the U.S. market, and this departure will lead to a weakening of the competitiveness of securities companies and asset management companies, which will lose customers.

However, some analysts disagree with the idea of ​​South Korea adopting a Bitcoin ETF, arguing that the country has a long way to go before such an idea becomes a reality.

“Despite efforts to lower business barriers, Korea is still known for various regulations that hinder new business growth,” said an insider at a cryptocurrency operator who requested anonymity.

The official pointed out that U.S. financial regulators also took nearly two years to approve a Bitcoin ETF since the idea was first floated in 2021.