Cryptocurrencies are perhaps the most volatile digital assets in the world right now and have been for quite some time. Bitcoin (BTC) had been founded over a decade ago, and it is still just as profitable and controversial as when it first launched. Of course, many successful altcoins have been introduced since then, but perhaps what is more interesting is the fact that Bitcoin itself is becoming increasingly accepted in various countries, such as but not limited to El Salvador, Paraguay, and more.
With that in mind, Dubai has now launched its own Bitcoin fund. After the launch, the fund stock had actually traded more than that of the reference price, which would seem to suggest that there is indeed a strong interest in the crypto market in the United Arab Emirates.
History is made
The Dubai fund is the very 1st of its kind within the Middle East, as local investors can now rejoice at being able to invest in BTC and other altcoins in a safer and more secure manner. The fund has therefore made history by also beginning the conversation of other key cities and perhaps even countries in the region launching BTC funds as well in the near future.
The BTC fund was also revealed to have been successfully listed on to Nasdaq Dubai, powered by 3iQ Corp. 3iQ Corp is also the biggest fund manager specializing in digital asset investments in all of Canada.
With the fund’s launch, investors now have the opportunity to gain additional exposure to the flagship crypto’s price action via purchasing units from the aforementioned fund. Furthermore, units can now be transferred back and forth to Nasdaq Dubai from Canada’s Toronto Stock Exchange. The units may also be directly acquired via Nasdaq Dubai.
Frederick Pye, 3iQ’s CEO, remains confident that the decision to launch the fund was indeed a wise one, despite the fact that the market is still recovering from its recent crash.
The CEO had also stated that it is possible that we may witness another correction before long before adding that the crypto markets may be able to consolidate during the course of this summer season. Bitcoin would then be expected to reach new heights, which Pye had described as being a ‘win-win situation’ as far as the local investors are concerned.