The momentum for the cryptocurrency market stalled in the middle of the spring season. Bitcoin and its peers were knocked from their all-time highs and appeared to take a breather throughout the summer. The crypto market has come back with a vengeance in the fall.
Bitcoin’s price hit an all-time high above $66,000 U.S. on October 20. The big driver for Bitcoin’s big bump was the launch of the first United States Bitcoin futures exchange-traded fund (ETF). Indeed, the ProShares Bitcoin Strategy ETF started hot in the previous week. It was one of the biggest first days of trading in history, raking in more than half a billion from investors.
Canada was ahead of the game in this regard. The Purpose Bitcoin ETF (TSX:BTCC.B) was the first-ever bitcoin-focused ETF to be launched on the TSX back in February 2021. Canadian investors who are hungry for exposure to Bitcoin should consider this ETF today.
Unlike crypto platforms, this ETF enables investors to hold a Bitcoin-focused fund directly in a registered account like a Tax-Free Savings Account (TFSA).
The Purpose Bitcoin ETF offers direct ownership of Bitcoin according to its fund facts. Moreover, it has capped its MER at 1.5%. Shares of the Purpose Bitcoin ETF have climbed 38% month-over-month as of close on October 22. Like Bitcoin, this is a high-risk play for investors at this stage.
Crypto has proven that it has the legs to sustain itself in the mainstream. However, that does not mean it is not a highly volatile investment going forward.
