U.S. investment management company ProFunds Announce The launch of the Bitcoin Strategy Professional Fund (BTCFX), which is one of the first publicly available mutual funds or ETFs to operate simultaneously with Bitcoin (Bitcoin). ProFunds provides an alternative to the traditional method of holding cryptocurrencies through wallets or cryptocurrency exchanges.
ProFunds CEO Michael L. Sapir shared details of how ProFunds plans to invest in Bitcoin performance through mutual funds:
“Compared with the direct purchase of Bitcoin that may require opening a new account on an unregulated party, the ProFund provides investors with the opportunity to access Bitcoin through a form and investment method familiar to tens of millions of investors.”
Although the joint venture promises to invest in Bitcoin in the traditional form, BTCFX “mainly invests in Bitcoin futures contracts” and avoids any direct investment in Bitcoin. ProFunds also warned investors of the risks of investing in crypto derivatives, citing large price fluctuations and lack of liquidity.
In the United States, the crackdown on encryption companies has increased dramatically. Cointelegraph reports on the decision of the Biden administration Earlier this month, improved tracking capabilities for encrypted payments.
The ruling government announced a $10 million bounty to identify bad actors for cyber attacks on critical infrastructure and ransomware.Binance, a cryptocurrency exchange, also got its due share Regulatory review by the U.S. Internal Revenue Service and the Department of Justice Fight against illegal trade activities.