Hong Kong is about to approve its first spot bitcoin ETFs. This anticipation is fueled by the near approval that could happen as soon as next week. Will these new ETFs in Hong Kong be the reason for new bitcoin price increases?
Herbert Sim foresees a big opportunity for bitcoin
Herbert Sim, the director of operations at crypto exchange Websea, thinks that the approval of these ETFs could be an important reason for a rise in the bitcoin price. This mainly coincides with the halving of bitcoin.
“The halving is important, but the real price increase could come from the approval of the bitcoin ETFs in Hong Kong,” Sim said. He also highlighted that an increase in institutional demand is expected, not only locally but also from major US ETF issuers such as BlackRock.
Quick green light for four bitcoin ETFs
Hong Kong’s Securities Regulatory Commission (SFC) is set to approve the first batch of four spot bitcoin ETFs, just days before the bitcoin halving takes place. This approval would provide significant exposure to bitcoin to both retail and institutional investors in the region, further increasing demand for bitcoin. According to local media, the approval process has been accelerated, indicating a strong will from regulators to promote these financial products.
Crypto entrepreneur Lark Davis is enthusiastic
Crypto entrepreneur and investor Lark Davis is enthusiastic about the developments. On April 12, he posted on X: “Hong Kong will likely approve BOTH bitcoin and ethereum spot ETFs next Monday! China will start bidding the same week the bitcoin halving takes place!” This approval would be big not only for bitcoin but possibly also for ethereum, which would increase the market impact.
Hong Kong likely to approve BOTH Bitcoin and Ethereum spot ETFs as soon as Monday!
China about to start bidding the same week the Bitcoin halving is happening!!!
Holy shit
— Lark Davis (@TheCryptoLark) April 12, 2024
Following the expected approval, it will take approximately two weeks to complete the ETF listing procedures on the Hong Kong Stock Exchange.
Source: https://bitcoinmagazine.nl/nieuws/bitcoin-etf-hong-kong-bull-run
