Welcome, and thank you for being part of the MyZucoins community! Dive into some important crypto, finance, and tech news to stay ahead.
BlackRock’s Bitcoin ETF: A Milestone in Crypto Journey
The financial world has taken a significant stride towards the mainstream acceptance of Bitcoin recently. The US Securities and Exchange Commission (SEC) accepted an application for a spot Bitcoin Exchange-Traded Fund (ETF) from BlackRock, the world’s largest asset manager overseeing over $9.4 trillion in assets. This move signals a growing acceptance of cryptocurrencies in traditional financial markets.
BlackRock’s application will now be published in the Federal Register, initiating a 21-day public comment period. The firm originally submitted its application in June, and a recent update added a provision for “surveillance-sharing” with Coinbase, a leading cryptocurrency exchange. This latest development represents a significant milestone for Bitcoin-related proposals under SEC review.
Approving BlackRock’s ETF application allows customers to invest in Bitcoin without directly holding the token. These assets can be traded on traditional stock markets. This development follows on the heels of the US SEC’s approval of the first Bitcoin futures ETF.
Simultaneously, the SEC has begun the comment period for Bitcoin ETF filings submitted through the Cboe exchange. These include filings from the Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, and Invesco Galaxy Bitcoin ETF. As the world of finance increasingly intertwines with that of cryptocurrencies, these developments mark a significant step towards the mainstream acceptance of crypto assets. Read more here.
Bitcoin ETF Could Trigger ‘Blind Panic’ of Capital to Crypto Markets, Says Former Goldman Sachs Executive
Real Vision CEO Raoul Pal, a former executive at Goldman Sachs, predicts that approving a spot Bitcoin (BTC) exchange-traded fund (ETF) could lead to a rapid influx of capital into the crypto asset markets. In a recent interview with Lark Davis, Pal outlined how the approval of a Bitcoin ETF might coincide with a warming up of the crypto market.
If the market has momentum, it becomes this sucking sound of bringing in RAAs in the United States and individual investors, pension plans, and others, Pal said. He suggests that if Bitcoin’s price rises significantly by the time a Bitcoin ETF is approved — potentially reaching around $40,000 — there could be a “blind panic” as investors rush in, not wanting to miss out on potential massive returns.
Pal contends that this influx of capital into Bitcoin could soon prop up other digital assets as investors take their Bitcoin profits and reallocate them to other digital assets, including non-fungible tokens (NFTs). He likens this process to new foreign direct investment entering an economy, causing a boom.
If $10 billion comes in the ETF, that money then flows into the space, people take profit in their original Bitcoin, and it gets reinvested into ETH, Solana, or whatever else. And then before you know it recycles into NFTs because all of these digital assets is a kind of a separate global economy,” Pal explained. Read more here.
Charting a Strategic Course in Crypto’s New Frontier
In the ever-evolving world of digital assets, Zucoins holds a strategic advantage with its unique system bypassing energy-draining mining operations, like those found in traditional blockchains like Bitcoin.
Rather than relying on speculation, Zucoins focuses on maximizing utility. One way is in its ability to accommodate microtransactions in its core underlying system, without extensions. This helps usability for small payments.
The ETF approval signifies that crypto is here to stay. It validates the industry, despite its chaos, and should encourage the next generation of crypto solutions, like Zucoins.
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All the best,
Peter & Rob
MyZucoins