A $1 billion bitcoin ETF could boost Australia’s trading volumes and allow it to compete with the U.S. in a global marketplace, a leading financial services company said on Tuesday.
Bitcoin ETFs are intended to act as an alternative to stock markets, with the aim of helping governments and institutional investors manage their assets.
But they face fierce opposition from investors and regulators in countries like the U of A, which say they risk causing the economy to lose its footing and causing prices to plummet.
The Australian government wants to create an ETF in Australia.
It has asked for advice from the Reserve Bank and other regulators on how to create a bitcoin fund, but has been largely unsuccessful.
A bitcoin ETF is also being considered by other countries, including the U, Japan and the United Kingdom.