Prominent figures in the cryptocurrency industry have expressed optimism about increasing cryptocurrency adoption and the maturation of the cryptocurrency market. US Approval of Spot Bitcoin ETFAnalysts have warned of potential risks associated with Bitcoin price volatility.
Anthony Scaramucci, former White House communications director and now founding and managing partner of SkyBridge Capital, said in a statement shared with The Block that the approval of a spot Bitcoin ETF signals recognition of Bitcoin as a “legitimate asset.”
“We believe this approval will pave the way for greater mainstream education and acceptance of the benefits and utility of blockchain-based assets and infrastructure,” Scaramucci added.
Securities and Exchange Commission today presentation Spot Bitcoin ETF Approved, 11 ETFs are scheduled to begin trading on Thursday. The 11 tradable spot Bitcoin ETFs approved on Wednesday are Bitwise, Grayscale, Hashdex, black stoneValkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin Templeton.
““This day will be remembered in cryptocurrency history.” Richard Teng, the new CEO of Binance, the world’s largest cryptocurrency exchange, said. “The arrival of spot Bitcoin ETFs has made BTC accessible to a whole new class of investors and made Bitcoin a more accessible asset for many people interested in cryptocurrencies,” he wrote. post At X.
Asset managers remain optimistic
Grayscale via approval turned After a long journey and a court victory in August that ruled that the SEC must reexamine Grayscale’s bid for a spot Bitcoin ETF, the company finally launched its flagship product, Grayscale Bitcoin Trust (GBTC), as a spot Bitcoin ETF. It was incorporated into.
Barry Silbert, founder and CEO of Digital Current Group, Grayscale’s parent company, said GBTC has attracted nearly a million investors since launching in the U.S. in 2013 and has amassed more than $28 billion in assets under management with daily trading volume. It amounts to hundreds of millions of dollars.
“Grayscale deserves tremendous credit today for pushing this through the courts,” says co-founder and CEO Brian Armstrong. coinbaseX said it would act as custodian for eight spot Bitcoin ETFs. post today.
Cynthia Lo Bessette, head of digital asset management at Fidelity, noted in a statement to The Block that the approval signals positive momentum for the industry. “We have long believed that a spot-priced, exchange-traded product would be an efficient way for investors to gain exposure to Bitcoin,” she said.
VanEck CEO Jan van Eck said: blog post With many spot Bitcoin ETFs hitting the market, one way for investors to decide which ETF to invest in is to “consider the commitments of the ETF sponsor.”
“We also recognize that investing in Bitcoin is difficult due to its newness, volatility, and other risks,” he wrote. “This is why we ask investors to dollar-cost average: Start right away (small), but maintain dollar-cost averaging over time and Dear Life (or HODL).”
Meanwhile, the president of stablecoin issuer Tether said he expects ETFs to lead to widespread adoption. “This increased attention and legitimacy will spark a wave of innovation, attracting more talent and capital to the industry,” Paolo Ardoino, CEO of Tether and CTO of Bitfinex, said in a statement. .
potential danger
SEC Chairman Gary Gensler While Crypto Industry Celebrates Approval said On Wednesday, the agency I do not support Bitcoin This is because they approved spot Bitcoin ETFs.
Gensler noted that the SEC’s decision “in no way signals the commission’s commitment to approving listing standards for crypto asset securities.”
“Additionally, the approval does not signal anything about the Commission’s views regarding the status of other cryptocurrency assets under the federal securities laws or the Commission’s views regarding the non-compliance status of specific cryptocurrency asset market participants with the federal securities laws,” he continued.
Rajeev Bamra, SVP of digital finance at credit rating agency Moody’s Investors Service, said ETF approval could make cryptocurrency markets more stable and liquid. However, the sustainability of this positive trend is uncertain. “It depends on the trajectory of global monetary policy decisions.” and Availability of Cryptocurrency for Institutional Investors through compatible products
“Bitcoin’s notorious price volatility and value fluctuations for stablecoins and other cryptocurrencies may expose mainstream investors to investment risks with which they are less familiar,” said Yiannis Giokas, senior director at Moody’s Analytics.
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