Gone were those days when Bitcoin enthusiasts use to argue about scalability, exchange vs. store of value, anonymity after government intervention etc. Now almost all conversations revolve around Bitcoin is about a Bitcoin ETF, questions around its launch or questions about the price swing it will entail for the token.
The Bitcoin prices already in a flux due to the impending approval or rejection of various Bitcoin ETF. Last week Bitcoin nose-dived when the U.S. Securities and Exchange Commission (SEC) postponed its decision regarding VanEck/SolidX BTC ETF. For the unassumed, ETF i.e. Exchange-traded funds are securities that track the price of an asset and is listed on an exchange. Many consider ETF’s a safer, smarter way for institutional investors to get involved with cryptocurrency, rather than buying bitcoin on a crypto-asset exchange. ETF shall serve as a pivotal step for the mass adoption of cryptocurrencies as regulated investments.
More: Pantera CEO says that Bitcoin Price Decline Is An Overreaction
Notably, the “revolutionary,” Bitcoin ETF stands at the opposite end of the spectrum from Bitcoin, in terms of what bitcoin is supposed to be. For one the former is not a medium of exchange. ETF is definitely not at all off the grid, it will rely on proof of ownership at the ETF level to be successful and will be completely trackable.
The key propaganda for its success is that enough people with equity accounts might dabble in the ETF, allocating some portion of their wealth to Bitcoin via the ETF concurrently bringing a surge in the price. As and when the bitcoin ETF is launched, the SEC should make sure there is disclosure and the investors should demand protection in terms of custodial responsibilities and other aspects
The riff between those who support Bitcoin ETF and those who don’t is surmounting by its delay. While which party takes the cake is a matter that will be settled after the release, all we can hope is that all goes well in the crypto world.
Source: Forbes.com
Arshmeet Hora
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.
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