If mass crypto adoption could be compared to the space race, it seems like Europe got there first. The first Bitcoin ETF in Europe was listed by Jacobi Asset Management (Jacobi) on Euronext Amsterdam in August.
Through its decarbonization plan, Jacobi became the first digital asset fund to be SFDR Article 8 compliant. The Sustainable Finance Disclosure Regulation (SFDR) is part of the European Commission’s Action Plan on Sustainable Finance. It applies to goods made in or sold to customers in the European Union (EU).
The SFDR imposes rules on financial market players, such as asset managers and investment advisers, and financial instruments, such as Funds, to improve sustainability-related disclosures.
A New Chapter in Bitcoin: Institutional Adoption
Martin Bednall, CEO of Jacobi Asset Management, reacted to the achievement by saying: “It is exciting to see Europe moving ahead of the US in opening up Bitcoin investing for institutional investors who want safe, secure access to the benefits of digital assets using familiar and regulated structures like our ETF.”
Bednall continued, expressing that “Jacobi is proud to be…at the forefront of this digital asset market evolution whilst also pioneering an innovative, environmentally sound solution for European investors.”
In a world that is increasingly concerned about the environment, having a large European asset manager like Jacobi committed to sustainability lends credibility to the listing and speaks of the overall positive sentiment surrounding the future of Bitcoin.
Positive Market Sentiment and an Evolving Regulatory Landscape
Co-founder and Executive Chairman of MicroStrategy, Michael Saylor, recently joined CNBC’s Squawk on the Street to talk about his company’s performance and the prevailing positive direction of Bitcoin.
“There’s a growing consensus that Bitcoin is [a] unique and valuable international asset,” Saylor said when asked what he thought about the rise in the price of Bitcoin since the beginning of the year. The price of Bitcoin has increased significantly, rallying 58.18% YTD. He continued, adding that Bitcoin is “being endorsed by politicians…regulators…investors…you’re hearing money managers like Larry Fink saying this.”
Saylor went on to reference Bloomberg analysts Eric Balchunas and James Seyffart who recount the evolving likelihood of a spot ETF being approved. “The odds of a spot Bitcoin ETF launching this year are up to 65%,” the analysts wrote.”In our eyes, after a flurry of developments.” Just six months ago, the odds were considered to be zero, before moving to 50%.
Looking Ahead: Bitcoin at a Tipping Point
Only time will tell what happens in the broader crypto sphere with regulators approving a Bitcoin ETF in Europe. And, with the SEC set to decide on multiple spot Bitcoin ETFs in the States, the market may soon open up in America.
As the deadlines approach for the SEC to make a decision on multiple ETF applications in America, the collective crypto community figuratively holds its breath. The endorsement by the largest asset managers in the world, like BlackRock CEO Larry Fink, and the possibility of a first US spot Bitcoin ETF being approved is an inflection point in the history of Bitcoin.
With hope comes the unpredictability of how everything will turn out. Bitcoin may be at the precipice of a massive influx of adoption should the larger asset managers be given the green light.
At a time when it may be more important than ever to find a trusted source for crypto news, CoinNews stands out as a reputable crypto site that keeps traders and investors informed of the latest developments in the space. With pending regulatory clarity on the horizon and as Bitcoin nears its next halving event, you can follow along and see how everything plays out.
