(First *ever* Gold spot ETF approved in Australia followed by the first US approval)
To put things into perspective before 2003 there were no such spot ETF's at all for the gold markets. Just like current day Bitcoin institutional investors are only able to get exposure to bitcoin through outright purchasing $BTC (which is of course recommended) but this is not a possibility for all institutions.
On March 28, 2003 the first gold backed ETF was approved in Australia followed by the first US approval on November 18, 2004. Referencing the chart linked above^ we saw a decade long rally of institutional adoption into the gold markets giving them direct access through spot ETF's which had to of course purchase physical gold as backings. (can that be verified 1:1 backing ? who knows hehe)
Not here to make price predictions looking back on shiny yellow metal charts from the early 2000's but I think once Gensler stops 'protecting' us so hard we will see a major influx if institutions who are going to want to get exposure to BTC through traditional ETF models with far lower fees than Grayscale's products (ironically Gensler has been failing at his job of protecting investors by not giving them spot ETF exposure with far lower fees while other G7 nations have already approved them leaving the US far behind)
A spot ETF approval of bitcoin in the US will usher in many institutional investors, pension funds, and the likes. I'm not sure how long the US can sit on the sidelines.
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