Crypto expert: Hong Kong financial authorities’ approval of spot Bitcoin ETF could trigger a strong rally in Bitcoin prices

Noel Atchison, a contributor to the cryptocurrency newsletter Crypto is Macro Now, said that Hong Kong’s financial authorities’ approval of the launch of a spot Bitcoin ETF may trigger a strong rebound in Bitcoin prices. Spot is more efficient in terms of taxes and costs. It will attract a wider range of participants. Trading volume on Asian cryptocurrency exchanges exceeds that of the U.S. market, and it would be huge if a small group of Chinese investors could legally invest in Bitcoin. The industry predicts that Hong Kong will approve spot Bitcoin ETFs and allow redemptions in the second quarter of this year.