Brazil will get its first Bitcoin ETF and becomes the first Latin American country in this regard
Bitcoin exchange-traded fund (ETF) has been approved by the Brazilian Securities and Exchange Commission in Brazil. Brazil is the first Latin American country to have Bitcoin ETF
Previously, QR Capital Cryptocurrency Investment Company (QRCIC) had applied for a Bitcoin exchange-traded fund that has been approved by Brazil’s Securities and Exchange Commission.
This company believes that it is the biggest crypto asset manager in Latin America and this launch is particularly of significance since it provides convenient, local, and safe access to the biggest crypto asset in the world.
When Bitcoin ETF is listed on a traditional market stock exchange next to for instance Apple and Facebook stocks, investing in Bitcoin would be easier and more trustable which leads to having more local investors in it and more diversified portfolios.
Yesterday, QRCIC stated that Bitcoin ETF would have the same performance that BTC futures contracts on Chicago Mercantile Exchange (CME) have when traded and operated. They said;
"The QBTC11 will have as reference the CME Group index of bitcoin futures contracts."
Before QRCIC Bitcoin ETF, three other Bitcoin ETFs had been approved and launched in the continent of America and in Canada. The first and second ones were from Purpose Investments Inc. and Evolve Funds ETFs in Feb 2021 which were followed by CI Galaxy Bitcoin ETF in March. This decision by the Canadian government to accept Bitcoin ETFs could stimulate their American counterparts to do so.
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