Whether you like or dislike cryptocurrencies, they’re getting increasingly widespread each day. Cryptocurrencies have risen in valuation to about $2.5 trillion, putting them on par with Apple as the world’s biggest firm. They also have a user base of over 200 million people. It’s clearly too enormous for the economic elite to disregard at this scale. Companies that give service to the world’s richest households are increasingly investing in cryptocurrency. Fund managers are exchanging Bitcoin, and big-name institutions are beginning to sell services based on it. PayPal’s app allows users to buy cryptocurrency, and Twitter allows users to reward creators in Bitcoin.
On Tuesday, an ETF fund linked to Bitcoin commenced operations, marking the biggest breakthrough for the sector. ProShares offers the exchange-traded fund for purchase through a traditional brokerage firm. They don’t have to get into the nitty-gritty of Bitcoin investing.
This is all part of a larger trend among large corporations. These companies see an opportunity to profit from the excitement surrounding crypto as a new sector. It doesn’t matter if these companies believe in cryptocurrency or not. One thing is certain – with the dawn of the Bitcoin ETF age, Corporate America will be able to profit from Bitcoin in ways it formerly couldn’t.
The Proshare ETF launch and its subsequent success is a reminder of how quickly crypto is spreading across the regulated economy. What was once a niche domain for a few individuals is now out there in the open. No matter what anyone’s opinion about crypto is, everyone is eager to make money from it.