It seems everyone want to join the race of Bitcoin ETF as global investment firm Franklin Templeton also filed for a spot bitcoin ETF in the United States. Franklin Templeton submit its application to the U.S Securities and Exchange Commission today Tuesday to join Fidelity, Blackrock and other that submit application to join Bitcoin exchange traded fund.
Seeing Franklin Templeton making this attempt is not something that come as surprised even though it's first time attempt, the Franklin Templeton investment firm is not a small assets manager in the United States the firm have over $1.45 trillion worth of assets under management which means is more big management to some other major firm that submit application ETF. Franklin Templeton creating a bitcoin ETF will be a good steps for the firm according to the statement made by the CEO Jenny Johnson. Johnson said " blockchain technology will be a major player in traditional finance and Bitcoin will be a greatest financial services. Infact Franklin Templeton will use Coinbase as its custodian of the bitcoin held by the fund while the exchange traded fund will be move to BZE exchange.
But, what does Bitcoin ETF mean for the market because now there are multiple filing around Bitcoin ETF and all are still waiting for SEC approval which some are still waiting for October to submit similar application. BlackRock start the kick early June to file for ETF followed by several management company like fidelity, VanEck and others. Bitcoin Investment Trust(GBT) is not left behind but SEC file against them not to be fully change from GBTC to ETF.
Franklin Templeton investment firm join other for Bitcoin ETF raised many questions whether it going to reflect on the crypto price movement as many firm continue to have more interest. However, it's important to not that the Bitcoin ETF approval does not a bull market it just to increased people interest in cryptocurrency and in that way more capital will be attracted to cryptocurrency market.
A Bitcoin ETF, is a way that will enable more inventors to gain exposure to Bitcoin, that is, ETF will hold an amount of Bitcoin for investors who are interested to bought and sold them on the exchange. So this is significant for accessibility, provide enough liquidity and lead to mainstream. Obviously people will get more access to the cryptocurrency market, and there will be enough liquidity to be buy at anytime. ETF will help to increase Bitcoin liquidity in the market for more investor to enter the market, in fact it will help in increasing Bitcoin acceptance and regulations in the financial industry. I believe this firms application for ETFs is a good sign that financial institution with big name are already seeing the potential demand for a Bitcoin is growing interest and they want to capitalize on it.