Changing Of The Guard? NYSE President Acknowledges Bitcoin’s Staying Power

2024-6-1 09:46

The long-awaited arrival of spot Bitcoin ETFs in January 2024 has proven to be a watershed moment for the cryptocurrency market. Industry figures like Lynn Martin, president of the New York Stock Exchange Group, are crediting these exchange-traded funds with a surge in liquidity and mainstream adoption of cryptocurrencies.

NYSE Boss Highlights Success Of Bitcoin

In an interview at Consensus 2024, Martin pointed to the “more than six years of conversations” with the SEC regarding Bitcoin ETFs. She went on to emphasize “‘the success of Bitcoin ETFs’ and the liquidity they’ve brought is ‘undeniable.'” This newfound liquidity is believed to be a key factor behind the recent price appreciation in the crypto market, with the total market capitalization surpassing $1 trillion for the first time.

Spot ETFs function by directly mirroring the price of a specific cryptocurrency, like Bitcoin or Ethereum. These funds are traded on public exchanges just like traditional stocks, offering investors a familiar and regulated avenue to participate in the crypto market. This accessibility has proven particularly attractive to traditional investors who may have been hesitant to directly enter the crypto exchanges.

Cryptocurrency Matures: Regulatory Clarity And Political Acceptance

The embrace of cryptocurrencies isn’t limited to Wall Street. The recent passing of the FIT21 bill by the US House of Representatives signifies a shift in Washington’s stance on digital assets.

This landmark bill establishes a “digital commodity” classification for crypto, providing much-needed regulatory clarity. Proponents believe this will not only eradicate scams and protect consumers but also foster a more stable environment for crypto innovation.

US Gov’t Embraces Bitcoin & Co. With Landmark Bill

The FIT21 bill represents a significant step towards formal recognition of cryptocurrency by the US government. This newfound legitimacy is further underscored by recent developments in the political sphere.

Former US President Donald Trump’s decision to accept campaign donations in cryptocurrency sent shockwaves through the industry, signaling a growing acceptance of cryptocurrencies amongst influential figures. (The case involving a payment that quieted a porn star resulted in the conviction of Trump on Friday. Trump is the likely Republican nominee for president in 2024. He has been found guilty on 34 felony charges of falsifying company documents.)

Embracing The Future

While the cryptocurrency market shows promise, experts advise investors to tread carefully. The market’s inherent volatility is a significant concern, and it’s crucial for investors to assess their risk tolerance before investing in ETFs. Additionally, the fees associated with ETFs can reduce returns, making it important to understand the expense ratio fully.

Despite these challenges, the launch of spot Bitcoin ETFs is a milestone for the crypto market. Increased liquidity, greater mainstream adoption, and a more favorable regulatory environment signal a maturing industry. As Wall Street and Washington start to align on crypto, the future for this revolutionary asset class appears optimistic.

Featured image from FlexJobs, chart from TradingView

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President Donald Trump fires his first salvo against Bitcoin; gets invited to lunch by Tron’s Justin Sun

A charity lunch with investment mogul, Warren Buffett, grabbed the attention of the crypto-community after Tron CEO Justin Sun won an auction for the same. When news of Sun’s ‘date’ with Buffett got out, Sun shared that he wanted to clear the air surrounding cryptocurrencies and their value, since according to him, much of the […] The post President Donald Trump fires his first salvo against Bitcoin; gets invited to lunch by Tron’s Justin Sun appeared first on AMBCrypto.

2019-7-12 09:04


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New ECB Boss Christine Lagarde Could Enact Bitcoin Friendly Legislation

Bitcoin and crypto-supportive legislation could be on the way now that Christine Lagarde has been selected to serve as the new European Central Bank president. Will the ECB Support Bitcoin? Recently nominated European Central Bank (ECB) president Christine Lagarde has a history of making statements which cryptocurrency investors interpret as being supportive.

2019-7-8 23:02


Bitcoin’s search interest higher than President Donald Trump; Twitterverse divided on Facebook’s Libra

Coinbase’s new research report dubbed, “The United States of Crypto,” gave the community an insight into growing crypto-awareness in the USA. This report was validated by the fact that recent Google Trends data suggested that search interest for Bitcoin surpassed the likes of several A-list celebrities, including Kim Kardashian.

2019-7-5 16:00


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