Market Note: Going Digital

June 30, 2023Market Note: Going Digital

  • Over the past week, the SEC has been bombarded with applications by several large financial institutions to launch spot bitcoin ETFs. The flurry of applications was triggered by BlackRock’s filing on June 15.
  • The SEC has never approved a spot bitcoin ETF, despite there being more than 30 applications over the past five years, but Blackrock’s filing is the first to address key SEC concerns.
  • As digital currencies have become more popular, central banks across the world have been looking into CBDCs. While not classified as cryptocurrencies, the advancement and rollout of CBDCs in the U.S. has become a topic of increasing discussion, but a regulatory framework is needed.
  • We will evaluate any spot bitcoin ETFs if they are launched, and we would consider adding them as a complement to our precious metals position.
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