Australia’s Investment Landscape Just Changed Forever
It’s been a huge week of news for crypto Down Under. ASIC gave the green light for the trading of Bitcoin and Ethereum ETFs, the ASX’s first crypto focussed ETF – CRYP – launched and CBA made a landmark move into the industry, announcing a pilot program for its app that will allow customers to buy, sell and hold 10 crypto assets, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
All these events have changed the face of Australia’s investment landscape forever. But will it be a mole or a facelift?
Whatever the case, the Commonwealth Bank is betting it will be here to stay. As The Sydney Morning Herald reports, the bank’s chief executive, Mr Comyn, said CBA saw long-term potential of cryptocurrencies in payments and investing, and wanted to lead the innovation.
According to The Sydney Morning Herald, Mr Comyn said in a media briefing that “the category itself is polarising people entirely.”
“Some [banks] are going down the path like we are – a smaller number probably – running some experiments. Others are sort of hoping that regulators will regulate the industry out of existence. Our view is that’s probably unlikely.”
Josh Gilbert, eToro market analyst told DMARGE: “In my opinion, this is a significant step for cryptoassets in terms of institutional and mainstream acceptance.”
“We know from eToro’s previous Retail Investor Beat survey that there’s growing interest from Australian investors in cryptoassets, especially as it continues to hit the mainstream.”
“Ultimately this could be the tipping point in Australia and it wouldn’t surprise me that other big institutional names may follow suit in the not-too-distant future.”
He added: “For a bank of CBA’s size to offer cryptoassets to retail investors through its banking services is historic. We’ve seen banks in the US offer cryptoasset exposure to institutional investors, but nothing like this. For too long, banks have pushed cryptoassets to the side, yet now that they’ve seen the current soaring demand, it’s evident that they can no longer just sit on the sidelines.”
“Long term, moves like this from CBA will help to further legitimise cryptoassets and, in my eyes, will only help with crypto’s long term value.”
In terms of ASIC giving the trading of Bitcoin and Ethereum ETFs a green light, Mr Gilbert told DMARGE: “The new crypto ETFs in the US and soon-to-be in Australia, helps to provide investors with exposure to cryptoassets when they might not have previously had that option.”
“For example, superannuation accounts are a huge addressable market for cryptoassets, and it’s expected that we may see more investors wanting to make sure cryptoassets are part of their diversified investment portfolios moving forward.”
Read Next
- I Bought $1,000 Worth Of Cryptocurrency. It Was A Huge Mistake
- This Month’s 3 Best Cryptocurrencies To Buy Right Now
The post Australia’s Investment Landscape Just Changed Forever appeared first on DMARGE.
