The head of major cryptocurrency investment firm Grayscale believes that only a few stages of maturity separate the United States from its first Bitcoin Exchange Traded Fund (BTC) (ETF). As such, the Grayscale CEO is 100% committed to converting GBTC to Bitcoin ETF.
Speaking on CNBC on July 19, Michael Sonnenshein reiterated that US ETFs are not a matter of “if” but “when.”
“The #Bitcoin ETF here in the US is really about when, not when,” said @Sonnenshein of @ Grayscale. “We are looking for several different ripening points in the underlying market. These are the final stages of what regulators need to approve these types of products. ” pic.twitter.com/GsH0fdm0Xf
– Squawk Box (@SquawkCNBC) July 19, 2021
Currently, regulators are reviewing 13 ETF applications. And in the United States, they lag behind their neighbor Canada when it comes to approving them. Years of requests and denials have passed. And some believe that ETFs will eventually create downward pressure on bitcoin prices in the long run.
However, Sonnenshine, CEO of Grayscale, says the company is “100% committed” to converting its Bitcoin product, the Grayscale Bitcoin Trust ($ GBTC), into an ETF once the right terms are agreed.
“I think at our headquarters, from our point of view, we are really looking for several different points of maturity in the underlying market. And these are really the last milestones of what we believe regulators need to approve these kinds of products and provide investors with the protection they are looking for. “
Grayscale last week announced a partnership with US bank BNY Mellon, which will now provide services to GBTC during its metamorphosis.
GBTC is already making headlines in cryptocurrency circles for its unlock events, the largest of which took place on Sunday. With mixed opinions about its potential impact on the price.
Cryptocurrency Experts See Bitcoin To Replace Fiat In 20 Years
The current fall in the price of bitcoin has failed to dampen the optimism of some experts regarding the world’s largest cryptocurrency.
In a new survey by personal finance comparison platform Finder.com, half of respondents think Bitcoin will outperform fiat money. Or into currencies issued by central banks in 2040.
While the sample may be small, Finder.com claims the report is based on a group of 42 cryptocurrency experts and shows that the decline in the price of Bitcoin from its all-time high in April has not affected the long-term outlook for investors. …
The survey shows that 50% of those surveyed want to see when Bitcoin surpasses global finance. Also known as hyperbitcoinization in the next 20 years. A third of the participants believe that the event will occur before 2035. 44% predict that Bitcoin will never become the dominant form of global finance.
Report Finds El Salvador May Issue Its Own Stable Currency
El Salvador’s government plans to launch its own cryptocurrency that consumers can use to provide services. This was reported on Friday evening by the Latin American digital newspaper El Faro.
Ibrajim and Youssef Bukele, brothers of the country’s President Naib Bukele, told potential investors that the cryptocurrency, currently known as the Colon dollar, will be introduced in late 2021, according to a report that cites video footage of the brother. discuss the proposal with these investors.
The brothers said they represent the president, according to the report, which was also based on documents obtained by El Faro. The news comes a few weeks after the government of the Central American country overwhelmingly passed the presidential Bitcoin law, which treats the original cryptocurrency as legal tender and requires all businesses to accept it as payment for goods and services by September.
Elon Musk adds a Twitter profile picture wearing sunglasses reflecting Dogecoin
Tesla and SpaceX CEO Elon Musk changed his Twitter profile picture by adding sunglasses with the Dogecoin logo to his image.
Although, in his usual oblique language, Musk seems to project himself into the future. This refers to the Dogecoin cryptocurrency based on the Shiba Inu puppy meme. As always with Musk, fans need to interpret him.
According to UToday, Musk’s new look caught the market’s attention, and DOGE immediately went up. However, it hasn’t grown as much as it did when Musk tweeted earlier this year.