The Bitcoin Fund was first launched in the Middle East on a Dubai scholarship.


This file photo, taken on December 17, 2020, shows a physical imitation of a bitcoin at a cryptocurrency “bitcoin change” shop near Istanbul’s Grand Bazaar. AFP / File

The Bitcoin Fund for the Middle East was launched on a Dubai bourse, with Canadian digital asset manager 3iQ Corporation raising about 200 200 million, a statement said Wednesday.

The statement said, “3iQ Corporation, Canada’s largest digital asset investment fund …

“This fund is the world’s first regulated large bitcoin fund to be listed in the capital markets of the Middle East and North Africa region,” he said.

“Bitcoin trades 24 hours a day around the world, and in Canada we trade during North American market hours, and in Dubai we trade almost all of them,” Fred Pie, chief executive of ITQ Corporation, told Bloomberg Television. The exact opposite of times. “

“We think that if the market continues for the next few months while we continue listing, we expect to be far (perhaps ڈالر 200 million) in the far north.”

Created in 2008 as an alternative to traditional currencies, the bitcoin is the world’s most popular virtual unit, but has recently fallen in value to eliminate cryptocurrencies from China.

Bitcoin fell below ڈالر 30,000 on Tuesday for the first time in five months due to fears of a crackdown in China.

The unit recovered some lost ground by 1040 GMT on Wednesday, stopping the month of roller coaster trading at 34 34,104 per piece.

Despite a domestic trade embargo since 2017, China’s mines power about 80 percent of world trade in corrupt currencies.

But in recent months, several provinces have ordered the closure of mines because Beijing keeps the industry under a regulatory microscope.

According to the Nasdaq Dubai website, the 3iQ fund rose 10.38% to close at 38 38.30 after Wednesday’s trading.

The fund’s prospectus says it wants to invest in bitcoin long-term holdings as a less volatile alternative to direct investment in unpredictable cryptocurrencies.

Bitcoins and other cryptocurrencies are solved using powerful computers that solve puzzles that use a lot of electricity.

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