As cryptocurrency moves beyond the realm of a marking acceptance and becomes part of the mainstream financial system, more Australians are buying digital tokens, committing large sums into the space.
A senior executive from top software firm DigitalX, Leigh Travers, revealed that recent numbers suggest an increase in interest towards crypto, with family offices spending a hefty amount into the market. According to him,
The biggest change has been around institutional interest, which has helped evolve [cryptos] from a speculative asset to an asset that is part of a diversified portfolio and has the strongest macro winds of any investment possible, I think.
Although DigitalX’s executive acknowledged that the current bullish trend in the digital market brings back memories from its 2017-18 run, he noted that this time it’s different. While urging investors to be cautious when pumping money into meme coins, Travers highlighted that the increasing interest in DeFi space was unusual.
He further touted his company’s impressive performance in the first quarter of the pandemic hit 2021 as its crypto-assets soared by 237 percent. Interestingly, the digital assets in the Australian market remained unregulated.
The official from DigitalX described Bitcoin as an attractive value store option while credited Ethereum for its planning to disrupt major tech companies, including Google, by offering a comprehensive computing network.
VanEck Applies for Australian Crypto ETF
Reports have emerged that VanEck alongside BetaShares, have each submitted a request with the Australian Securities Exchange (ASX) to launch a Bitcoin exchange traded fund (ETF). The authorities have also acknowledged the receipt of this request.
Per VanEck Asia-Pacific chief executive Arian Neiron, a Bitcoin ETF on ASX would “democratize crypto assets for all types of investors.” On the other hand, BetaShares did not specify if it was filing for a Bitcoin ETF, however, the managing director of the firm, Alex Vynokur, stated that there was significant demand for such products.