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Six bitcoin-based mutual funds are set to launch in Israel next week, marking a significant advancement in cryptocurrency adoption. This follows the Israel Securities Authority’s (ISA) recent approval of these funds, as reported by Calcalist. This development mirrors the growing global acceptance of cryptocurrencies, aligning Israel with leading financial trends.
Nearly a year after the U.S. Securities and Exchange Commission approved Bitcoin ETFs, the ISA has followed suit. This decision comes as bitcoin prices soar, more than doubling in value to near-record highs. The U.S. bitcoin funds alone have attracted $35.6 billion in investments, underscoring the robust interest in digital currencies.
According to a senior executive at an investment house, this approval was eagerly anticipated by investment firms, which have been advocating for regulatory acceptance of Bitcoin ETFs for over a year. This strategic move by the ISA reflects its cautious yet progressive approach to integrating cryptocurrencies within the financial system, promising a significant impact on the market.
