It’s been speculated that the Security and Exchange Commission would approve a Bitcoin spot ETF.

Now it’s official.

After a bit of a false start on Tuesday, the SEC finally signed off (albeit reluctantly) on the applications of 11 firms to begin spot trading Bitcoin.

SEC chair Gary Gensler maintained his signature anti-crypto tone however, saying…

“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”

Bitcoin's price has been quick climbing in recent weeks, ever since BlackRock’s application was made public. Effectively making its eventual approval a foregone conclusion.

Now sitting at over $46,000, Bitcoin’s low of $17,000 just one year ago feels like a distant memory.

Interest in crypto seems to be rekindled, so naturally the question I’m getting from most people is…

Should I buy Bitcoin?

A fair question, as the last two crypto bull runs have made a fair share of millionaires.

But here is one question that I haven’t been hearing…

How do I use Bitcoin?

I’ll admit, I’ve never spent Bitcoin. I don’t even know that many people who have.

I know plenty of people that own it, but no more than a few that have actually used it.

It almost exclusively existed as an investment in its sixteen year history. But it’s been a pretty great one, to be fair.

So with the world’s biggest investment firm ready to spend a fortune on Bitcoin, it seems like a pretty wise bet to get in the original cryptocurrency now - despite it quickly approaching its all-time high.

But it isn’t quite that simple…

Leading The Pack

Yes, Bitcoin is doing well and is likely to do even better in the near future.

Institutional investment is a big mover for stocks, moving large volumes that single-handedly can shoot stocks up, or send them dipping down. Now they’re able to do the same thing for cryptocurrencies.

The money pouring in from these firms alone should boost Bitcoin significantly.

But the benefits don’t stop there…

The SEC’s recent approval also helps resolve two of the biggest factors holding back Bitcoin to this point…

• It gives crypto legitimacy
• It lets casual investors buy and sell it

After 2022, crypto’s image was at an all-time low. The fraud that happened at FTX was one of the worst in history. Crypto desperately needed a sheriff to tame its Wild West culture.

Government oversight and institutional investment - while distinctly counter to crypto’s overall anti establishment attitude - go a long way in easing people’s concerns when it comes to getting involved in the space.

To the second point: it’s not that easy to buy crypto. Sure, Coinbase has streamlined it somewhat, but many investors don’t want to set up a new account and crypto wallet, record and secure their seed phrase, and track an entirely different market than stocks.

Now investing in Bitcoin is just as easy as investing in anything else.

So, my answer seems to be that buying Bitcoin is a smart bet?

But not necessarily.

Because if you’re getting into crypto, it’s probably because you’ve seen enough people who have put under $100 into Bitcoin and turned it into tens or hundreds of thousands.

You’re just not going to do that with something sitting at $47,000…

Getting into Bitcoin now would be reacting to current events, and that’s not how millionaires are made.

A Bitcoin ETF is just the beginning. The same reasons that led to Gary Gensler conceding his fight over Bitcoin will be used for smaller cryptos, ones that are a tiny fraction of the price.

Bitcoin has always paved the way for crypto, so here’s my advice…

Look for the cryptos that are driving on those nice new roads.

With that, we’d like to hear your thoughts. Are you buying into Bitcoin? How high do you think it could go? If you didn’t already own Bitcoin, are you more likely to now through an ETF? Let us know at feedback@technologyprofits.com.