As the key vehicle by which institutional investors access bitcoin, GBTC has been a key driver of the recent surge in bitcoin prices.ETFs are already available internationally and are likely to be approved in the US soon.The eventual approval of a bitcoin ETF in the US will collapse the GBTC premium, but its overall impact on the ultimate value of bitcoin will be positive.The far bigger impact from the approval of the ETF will be the wealth management industry's adoption of bitcoin.Bitcoin will be absorbed into the existing financial system and fitted into standard asset allocation models. This will lead to new sources of volatility but most likely support higher prices long term.
