TL / DR failure
- The Korean Teachers’ Credit Union rejects any bitcoin-backed ETF investment plans.
- It was rumored that the company would invest in Bitcoin ETFs by 2022.
- This rumored investment will further increase the price of BTC now.
The Korean Teachers’ Credit Union, South Korea’s largest mutual aid association, He denied the rumors Investing in Bitcoin ETFs Backed by Bitcoin The organization is responsible for more than $ 34 billion in assets and is one of the largest institutional investors in the country.
Earlier today, Twitter was buzzing with rumors that the KTCU was set to invest in a bitcoin-related ETF by the first quarter of 2022. The rumor began with a report by Korea Economic Daily, a major local news portal.
The KTCU issued a public statement as the speculation was turning into a viral madness on social media. Deny any plan Connect with Bitcoin or any other cryptography.
“The KTCU has never considered investing in a bitcoin ETF and will never have a plan to do so,” the KTCU said in an official statement.
Why was this a big deal for Bitcoin ETFs?
The KTCU, as a leading pension fund in South Korea, has always maintained its goal of ensuring the financial benefits and welfare of teachers. This is why the company has usually avoided any risk-averse investments in the past. So it was a big surprise to see KTCU investing in the Bitcoin ETF.
Earlier rumors had it that the KTCU would set up a bitcoin-related point ETF to invest in it. In doing so, KTCU will be the first Korean asset management company to launch a bitcoin-related ETF.
Last week, the first bitcoin ETF launched in the United States through the New York Stock Exchange, which immediately set a new record high for bitcoin. The first Bitcoin ETF was approved in Canada in February, which also led to a sharp jump in the digital currency market.
Therefore, if the rumors about the KTCU investment were true, we might see BTC reach it 100 thousand dollars Mark earlier than expected
It will also be a welcome change for the overall digital currency scenario in South Korea. The country has always maintained a relatively strict stance on cryptocurrencies. Although digital currency exchanges are legally licensed to operate in South Korea, they are part of a very strict regulatory system. The government only reported this last month 28 Exchange Fulfilled the basic requirements for crypto trading in the country.
KTCU may not be investing in crypto any time soon, but we certainly have a lot of bitcoin-related EFT news in this year’s headlines, especially after ProShare’s The first best-selling film in New York.