The first bitcoin ETF launched on October 19. It took bitcoin less than a year to reach $64,000 from $10,000, but it took eight years for a bitcoin ETF to win approval from the SEC.

Let’s look back on 2013, when Tyler and Cameron Winklevoss, founders of crypto exchange Gemini, applied for the approval of bitcoin ETF, the event was considered to be the 20 dumbest things of 2013 by Mad Magazine. During the past eight years, more than a dozen petitions were made but they had been held back by the SEC. With bitcoin gaining more and more influence, a bitcoin ETF became a problem of when, not a problem of yes or no.

Now the lucky one that gets the first approval is ProShares’ Bitcoin Strategy ETF, which will be traded under the ticker BITO on the New York stock exchange. The ETF is a milestone for bitcoin as it provides easier access to investors, especially those novice traders. investors don’t need to learn to set up their bitcoin wallet, register an account on crypto exchanges, or buy the cryptocurrency themselves. The whole process is easier and less risky compared to trading on actually owing the crypto.

In 2003, the world’s first gold ETF was listed in Sydney, and in the next year another three gold ETF were added to the list. The SPDR Gold Shares ETF (GLD) is one of the biggest ETF tracking the price of gold. Since its launch in November 2004, it has witnessed a bull run for 7 consecutive years.

Bitcoin has always been called the “digital gold”. But a survey by JP Morgan showed that more investors favor bitcoin as a hedge asset to gold. On monday, grayscale announced that it would be planning to convert its GBTC Trust into an exchange-traded fund (ETF). Many analysts believe that the wave of ETFs is just the beginning of the full embracement of bitcoin globally and will take bitcoin a step closer to regulation.

With the news of ETF, bitcoin surged to $62,900 and is now trading above $61,000. However, analysts place higher hope on bitcoin’s bull run. Studying Fibonacci levels, analyst TechDev said bitcoin “looks almost too programmed” for 200k-300k.

According to techdev, bitcoin runs a four-year cycle and each peak runs a magnitude higher than the last. In 2017, bitcoin’s peak was $20,000, making the potential cycle top of bitcoin in 2021 range between $200,000 to $300,000, coinciding with PlanB’s Stock-to-Flow Cross-Asset model that predicts bitcoin’s price at $288,000 by the end of the cycle in 2024.

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