How can Indians invest in Bitcoin ETFs in the US? BitBNS' Gaurav Dahake answers
Gaurav Dahake, CEO, BitBNS, says “you can buy it from any exchange in India by depositing your INR and buying those tokens. You can also take the LRS or Liberalised Remittance Scheme route, where you can send up to $250,000 in a year and buy assets, which is where you can send this money to a Indian brokerage account, which would credit that money into your US brokerage account and then you can take an exposure to the ETF. Certain apps facilitate that. "
What happened in the US crypto market and how did the SEC approve the ETF? Overall how many crypto ETFs are we talking about now?
Gaurav Dahake: This approval came about on January 10, 2024.
Over 10 ETFs have been approved and many more have filed, which eventually might get approved. The first Bitcoin spot ETF was filed in 2013 by Grayscale and it was not approved citing certain reasons by SEC and over time, SEC kept rejecting Bitcoin ETFs. Then there was a court ruling in 2023 September, which basically mandated the SEC that by 10th of January, you have to take a call and you have to give a decision on the spot ETF.
If you do not have any concrete reason to reject it, you will have to approve the ETFs. So, that is how it came into being, the largest asset managers in the world. So, the likes of Fidelity, BlackRock and others have already created the ETFs.
And in the last four days since it has gone live, over $10 billion worth of trades in the ETFs have already happened.
Now, just to put that into context, the entire ETFs that have been launched in the US in 2023, their overall trade volume has been just say half a billion dollars a month versus Bitcoin ETFs that have traded like up to $10 billion in that short of a time span. It has only been four days since it has
