jakiro
Author: Daniel Kuhn, Ben Schiller, Elizabeth Napolitano, CoinDesk; Compilation: Songxue, Bitchain Vision
The Securities and Exchange Commission (SEC) today made a comprehensive decision to approve a series of spot Bitcoin ETF applications.
More than a decade after the first application for a cryptocurrency-based exchange-traded fund, a financial product designed to track other assets such as commodities and stocks, the SEC decided to approve the first ETFs that follow the price of Bitcoin’s spot market.
Many analysts believe that these products introduced to the market by numerous Wall Street heavyweights including BlackRock, Fidelity and VanEck, as well as some crypto-native companies, could drive large amounts of capital into Bitcoin (BTC).
Larry Fink, CEO of BlackRock, the world’s largest asset managerIt said the company applied to list Bitcoin ETFs last year because of clear demand from customers for such products.This decision opened the floodgates and soon many competitive applications emerged.
Since that moment, Bitcoin has risen by more than 160%, based on the idea that any number of retail investors and companies will choose to invest in Bitcoin if the SEC approves Bitcoin ETFs.Standard Chartered Bank predicts that more than $100 billion will flow into Bitcoin ETFs in the U.S. this year.
All this remains to be seen, but now, with the SEC’s decision to approve 11 of the 13 Bitcoin ETF applications, the world will see.This article organizes the views of many experts — traders, executives and analysts — to understand their views on what this moment means for the future of the crypto industry as a whole.
Sergey Nazarov, co-founder of Chainlink: “The approval of Bitcoin ETFs clearly shows that traditional financial institutions can play an important role in deciding how the cryptocurrency market will develop. This was evident when PayPal launched the ability to buy certain cryptocurrencies. Banks began offering cryptocurrenciesHosting services. The approval of spot Bitcoin ETFs will lead to an influx of traditional large top financial companies such as BlackRock and Fidelity that may actively participate in the cryptocurrency market.
Bakkt CEO Gavin Michael: “Today’s SEC approval of the spot Bitcoin ETF represents an important milestone in the industry and I hope this marks a new era for reputable, trustworthy crypto companies to deliver regulated crypto products. The approval of this ETF has the potential to accelerate market adoption not only, and it is possible to cultivate lasting momentum within the industry. As we advance more ETF applications, ETF providers must work with qualified trustees with a good track record of protecting digital assets. This collaboration approach will reduce risks and serve as aIt is crucial for investors to create a safe environment.”
Kristin Smith, CEO of Blockchain Association“The approval of Bitcoin ETFs has put more pressure on Congress to pass appropriate legislation for the digital asset ecosystem. Consumer demand is expected to grow exponentially, while those consumers, investors and entrepreneurs are allThere should be clear regulations to address many unsolved questions that the industry has been urging our elected officials and regulators to answer.”
James Angel, Associate Professor at Georgetown University: “If the SEC is anti-cryptocurrency, they are slapping their heads. If they quietly approved the application for Grayscale ETF many years ago, there will be some crypto ETF now, and notWill be a big fanfare. By delaying time, they are creating more free publicity for cryptocurrencies. In addition, they seem to be interested in getting multiple ETFs to start trading at the same time. Whatever the reason, they are using the marketing power of Wall Street’s biggest behemoth to start sellingThese ETFs. It is expected to see a large number of ads promoting various crypto products. If the SEC does not want Mr. Main St and Mrs. to invest their IRAs in cryptocurrencies, the SEC has chosen the completely wrong approach.”
Cami Russo, Founder of The Defiant“ETFs make it easier for institutions to hold Bitcoin, which is good, but ultimately we package Bitcoins in funds so intermediaries can sell them to investors, and cryptocurrencies should be driving investors into the market.”Instead, get them adapted to unmanaged and license-free solutions.”
Anil Lulla, CEO of Delphi Digital: “Now, the process of buying Bitcoin for a retirement account will be easier and much less expensive. Today is the last day in the community that has the only motivation to sell Bitcoin and cryptocurrencies. The competition will be fierce. Especially in the No. 1One year, once the front-runner is obvious, it will continue to get the money flowing into these ETFs. Because of this, the fees will be scrambling to near zero. You’ve seen that start happening.”
Citation Needed Newsletter Molly White“Even if the Bitcoin ETF is approved and has no significant impact on the price, I think we can still celebrate a significant milestone in achieving its initial goal. Finally, people will be able to turn their money intoAnonymous peer-to-peer assets that are not under government control, they have their own keys to completely control these assets without having to involve powerful financial institutions like BlackRock.”
Cory Klippsten, CEO of Swan Bitcoin“Bitcoin’s sales channels are now represented by the most mature and trustworthy Wall Street institutions, which will continue to spend hundreds of millions of dollars to touting Bitcoin and its merits. Now, the main ways to expose Bitcoin no longer includes the hundreds of them,” said theWith the inducement of suspicious crypto tokens for gambling, we are expected to see the end of the hype and dumping cycle of large-scale cryptocurrencies.”
Managing Partner at Generative VenturesLex Sokolin: “I’m happy to see capital flowing into the Bitcoin ecosystem with more programmability and functionality available. From payment companies built on top of the Lightning Network to inscriptions that allow tokenization of text and images,It’s exciting to see Bitcoin reflect the broader potential pioneered by Web3. I hope this story continues to move from store of value to global financial infrastructure.”
Brown Rudnick Partner Preston Byrne:“The approval of spot ETFs will have as much impact on the crypto market as securitization progress in the 1980s has been established. This is the first time a bridge has been established between traditional finance (TradFi) and encryption, rather than through ACH. This field will quickly become even bigger.”
Yiannis Giokas, Senior Director, Moody’s Analytics (Risk and Analysis Division):“SEC approval of Bitcoin spot ETFs marks an important step in institutionalizing cryptocurrencies to expand Bitcoin accessibility to a wider audience in a more regulated and simplified way. Such ETFs may lead to increased demand for Bitcoin, and improve price discovery and market liquidity. However, this development also presents certain risks. Bitcoin’s infamous price volatility, as well as its volatile value relative to stablecoins and other cryptocurrencies, may make the mainstreamInvestors face more unfamiliar investment risk spectrum.”
Cynthia Lo Bessette, Head of Digital Asset Management, Fidelity: “We have long believed that trading products based on spot prices will be an effective way for investors to get Bitcoin exposure. Fidelity has had years of constructive dialogue with the SEC, and the approval of this time certainly demonstrates the positive momentum of the industry, andMore options are available to investors who want to participate in digital assets. As a company, we are committed to meeting the growing demands of investors, providing them with tools to support their choices and promote secure access to the market.”
Attorney and AR Media CEO Andrew Rossow: “This level of confidence in the approval of Bitcoin ETFs cannot be ignored, as the market has been urgently demanding a preliminary regulatory framework for digital assets and modern securities laws. The internal infrastructure and understanding of this emerging digital finance field is for the SEC.The dissatisfaction is merely shortsighted, not only keeping the SEC automatically, but also making consumers, financial institutions, retail investors and today’s regulators vulnerable to those that only hinder market growth and limit the rate of expansion of these emerging markets and technologies in the digital age.The use of the
“Whether SEC Chairman Gary Gensler likes it or not, the system must change in securities laws, as domestic and international markets have changed (and are actively adapting). The SEC can no longer hide behind fear of market manipulation, which is a kind ofIronically, because the SEC actually manipulates the market by resisting natural progression. As we see today, this market will always try to correct itself even in the form of boring black hat cyber attacks.”
Samuel Armes, Founder of Florida Blockchain Association: “I think in the end, these ETFs will bring a lot of money into this space. This will drive the price up and get more people involved. But I also think that this will start in the ability to hold your private key and own the synthetic bitsThere is a disagreement between coins. So, I think most people will choose to buy and hold ETFs only. I think many older generations will never keep their bitcoins themselves, which is obviously contrary to the token’s mission, butThey just want to get involved when Bitcoin returns. So the base layer mission of Bitcoin, which is sovereign independence and free currency, will be hit. But prices will continue to work and adoption will rise, no matter what that meansWhat.”
Nathan McCauley, CEO and Co-founder of Anchorage Digital: “Spot Bitcoin ETF marks the end of crypto as a ‘novel’ asset class and the beginning of it becoming part of every portfolio. SEC approval opens trillions of dollars through a regulated and applicable to all kinds of consumptionThe envelopes of the operators and institutions are safely flowing into the door to the digital asset ecosystem.”
Sheila Warren, CEO of Crypto Council for Innovation: “A spot Bitcoin ETF is more than just a financial instrument, it is an important and practical move to incorporate crypto into the mainstream. This move helps make this revolutionary technology easier to reach for everyone.
Regulation evolution:The introduction of spot Bitcoin ETFs is not only related to market dynamics, it is a catalyst for regulatory evolution.It requires a framework that can adapt to the unique nature of encryption, potentially leading to more appropriate and informed regulatory policies in the crypto space.
Improve legitimacy:This milestone will change public perceptions of Bitcoin as a legitimate component of a diversified portfolio.
Democratic visits:Spot Bitcoin ETFs are the bridge between traditional finance and the emerging crypto world.Allowing investors to participate in the Bitcoin journey without facing the technical barriers to being directly owned is an important step towards inclusion.
An innovative financial landscape:Spot Bitcoin ETFs are the leader in numerous innovative financial products and services that span between traditional finance and cryptocurrencies, expanding the horizon of possibilities within the crypto ecosystem.
Market trends:The ripple effect of spot Bitcoin ETFs may lead to a recalibration of market dynamics, bringing them closer to traditional financial markets while retaining the unique features of the crypto world.”
Yoni Assia, CEO and Co-founder of eToro: The word “‘Watershed Moment’ may be a bit cliché, but in today’s Bitcoin ETF news, the statement couldn’t be more appropriate. Bitcoin has been making its mark among retail investors over the past 15 years, and in traditional rolesIn the reversal, institutional investors basically remained on the sidelines while waiting for the establishment of traditional financial infrastructure.”Today’s news provides answers to the demand for Bitcoin. This is good news for the crypto market and supports our belief that Bitcoin is an unstoppable technology. It is digital gold, and in the long run, it’s the long term.Look, I believe it represents the intersection of finance, economy and technology.“For retail investors, today’s news is positive as it will support the growth of Bitcoin as an asset class, but I believe most average investors still want to continue buying and holding real Bitcoin.”
Reed College Professor of Philosophy and Researcher at Bitcoin Policy Institute Troy Cross: “Larry Fink is like Constantine, meaning the Emperor who converted to Christianity, changing the empire and religion forever. You will find some Christians who think that that marks the victory of the church, and some think that it ends the true Christianity. So is Bitcoin. The cultural identity, symbols and associations of Bitcoin will change. This is inevitable, but also dangerous, given its crypto-punk roots and potential as a free tool. Let’s look at BitcoinCan the community educate people about the concepts of licensing, censorship resistance and autonomy, with focus on NGU (Number Go Up) and trusted intermediaries leading narratives.”
dYdX Foundation CEO Charles d’Haussy: “The introduction of new funds to institutional investors through Bitcoin spot ETFs will be amplified in the derivative market. Bitcoin spot ETFs significantly increase the liquidity and total trading volume of Bitcoin transactions. This in turn will be made by making hedging positions, in and outTrading and executing complex options strategies has become easier and cheaper to benefit the derivative market (crypto derivative markets are about 10 times larger than crypto spot markets).
Joshua Davila (pseudonym Blockchain Socialist): “The creation of ETFs and the previously launched Bitcoin institutional financial products are a form of inclusion in the current system. If more evidence is needed to prove that cryptocurrencies are not immune to being completely annexed by the financial system it once tried to destroy.”
Leah Wald, CEO of Valkyrie“Today’s approval of Bitcoin spot ETFs is a milestone moment for the digital asset industry. It’s a bold recognition that cryptocurrencies will continue to exist. It’s impossible to achieve without nearly a decade of work and commitment. Countless people believe in the future of our industry and see cryptocurrencies as an integral part of the global financial ecosystem. I am excited about the future and the launch of ETFs is just the beginning of the ongoing widespread adoption and education of cryptocurrencies.”
