Bitcoin ETFs are a huge deal. But they're also not.
An asset class is very different to an instrument of the financial system. Following SEC approval of bitcoin ETFs, the cryptocurrency is the former, not the latter.
The decision by the US financial regulator to approve spot Bitcoin ETFs is clearly of enormous import to the volume and value of bitcoin trading and cryptocurrencies more generally.
Heresy it may be to crypto purists - who would see this as selling out the anti-establishment essence of crypto for mainstream acceptance - but the decision means crypto now exists on a level with other high risk, highly volatile investments.
For the broader financial system however - and Australia in particular - it is a case of suddenly, nothing happened.
Whether it be unbacked crypto like bitcoin, tethered alternatives or even stablecoins, Australian banks, trading platforms and other participants are of the view there are few problems which need to be solved by cryptocurrency.
