It was year unlike any other for Bitcoin, from new technological advancements and historic milestones to finding a home on Wall Street and being used as a political football in the U.S. elections.

Here’s a look back at the year that was for the world’s largest crypto.

Bitcoin ETFs, a decade in the waiting

The Securities and Exchange Commission had spent a decade saying “no” to top asset managers who wished to offer a Bitcoin exchange-traded fund—the once elusive Bitcoin ETF—to their clients in the United States. But the mood shifted when the world’s biggest asset manager, BlackRock, applied to the SEC for a Bitcoin ETF of its own in June 2023.

An ETF is an investment vehicle that allows its buyers to gain exposure to an asset without buying and storing the asset directly. Gold ETFs, for instance, have long been a thing, and provide investors the convenience of investing in gold without fussing about finding a place to safely keep physical bars or coins.

But the SEC had been wary of allowing such a thing for Bitcoin, denying applications over and over again on the grounds that the crypto market could be easily manipulated.

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Author: Mathew Di Salvo

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