At the beginning of January, the US Securities and Exchange Commission (SEC) approved the Exchange Traded Funds (ETFs) of Bitcoin. From then on, Bitcoin skyrocketed more than 30% as the number of buyers of said asset grew. At the same time, BTC is up more than 50% so far this year and is already operating at all-time highs. But how can you invest through a cedar?
For local investors, it is even more difficult to buy any Bitcoin ETF directly since none of the new assets are yet approved on the local stock market through Cedear.
In order to operate Bitcoin ETFs, the investor must have an account abroad. To do this, you must fund that account, purchasing dollars in Argentina and transferring them abroad, through cash with settlement (CCL).
The operation is very simple, in which the investor buys a bond in pesos (GD30) and sells it against the cable species (GD30C).
That way, you receive the dollars abroad and transfer them to your account in the US.
This operation can also be done with Cedear or Argentine shares that have ADR.
Cryptocurrencies: another alternative to take advantage of the rally
Another alternative that investors have done recently, as restrictions grew, is to buy the bond in Argentina and transfer the title to their account abroad. Once the bonds have been received in the foreign account, the investor sells that asset in the US and gets the dollars in his foreign account.
With the dollars in the account, the Investor can buy any of the Bitcoin ETFs and buy the cryptocurrency indirectly through the fund, without having to operate with any Exchange.
The closest alternative that investors have in the local stock market to operate Bitcoin indirectly is by purchasing the Cedear from Coinbase, a leading cryptocurrency trading platform.
The correlation between both assets is 0.63 in the last 6 months, which implies a high level of relationship in the trend of both assets.
In fact, in the last year, CoinBase shares are up 278%, while Bitcoin is up 200%.
However, it is not the only one, Microstrategy is also a company that actively invests in cryptocurrency. MicroStrategy, under the leadership of cryptocurrency advocate Michael Saylor, has transformed its business model to become a highly leveraged bet on Bitcoin. To date, the company has accumulated 205,000 bitcoins, valued at more than 14 billion, becoming a dominant player in the recent price rally that led Bitcoin to reach a new all-time high of $73,500. An example of this is that the Cedear comes with a up 128% so far this month and stands out, like Coinbase.
Source: Ambito
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