SEC Approves ETF for Companies Holding Bitcoin

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The Securities and Exchange Commission (SEC) has approved an exchange-traded fund (ETF) for companies holding large amounts of bitcoin, Decrypt reported. The wallet will include Tesla, PayPal and around 28 other companies.

The approval comes as the crypto world waited for a pure bitcoin ETF, and the SEC just took a step in that direction by approving the Volt Bitcoin Revolution ETF, according to the report. This fund, managed by Volt Equity of San Francisco, will also include Twitter, which has added bitcoin tips, and mining companies like Marathon, which also holds the currency in its corporate treasury.

According to Volt, the fund will be less volatile than pure crypto games because a drop in the price of bitcoin would not affect Tesla, PayPal or other such companies, according to the report.

In other news, the price of bitcoin has hit a new high and exceeds $ 54,000, a level the most popular cryptocurrency has not seen since May of this year, Crypto News Media reported.

There was a brief moment when the coin surpassed $ 55,700, according to the report. The price of bitcoin has only exceeded $ 53.00 three times in its history. It was all in 2021.

The reason for the price hike could be related to SEC ruminations over the approval of the first bitcoin ETF for the United States. The report states that ETFs are more likely to be successful now because they are based on products that are already licensed and regulated.

Meanwhile, El Salvador adopted bitcoin as legal tender in September, and since then the country’s crypto adaptation has gained momentum, CCnews24 reported.

More than 3 million people are now using the country’s Chivo bitcoin wallet, which was set up to help people use crypto, according to the report.

The country has 6.49 million inhabitants, according to statistics for 2020, which means that around 46.2% of Salvadorans use the bitcoin wallet, according to the report.

In addition, El Salvador has also deployed 200 bitcoin ATMs across the country, as well as 50 small offices so that residents can learn more about the wallet, according to the report.

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