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Bitcoin

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

Christian Encila
by Christian Encila
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The much awaited debut of spot Bitcoin ETFs in January 2024 marks a turning point for the crypto sector. Industry leaders such as New York Stock Exchange Group president Lynn Martin are attributing a boom in liquidity and public acceptance of cryptocurrencies to these exchange-traded funds.

Related Reading: Elon Musk Shuts Down Crypto-Trump Talks: ‘Never Discussed Bitcoin With Him’

NYSE Boss Highlights Success Of Bitcoin

Martin cited in an interview at Consensus 2024 the “more than six years of conversations” Martin had with the SEC about Bitcoin ETFs. She later underlined “‘the success of Bitcoin ETFs’ and the liquidity they have brought is ‘undeniable.'” With the entire market capitalisation topping $1 trillion for the first time, this fresh liquidity is thought to be a main driver behind the current price increase in the crypto market.

Spot ETFs work by exactly reflecting the price of a given cryptocurrency, say Bitcoin or Ethereum. Like conventional equities, these funds are sold on public markets and provide investors with a known and controlled way to engage in the crypto market. Traditional investors who might have been reluctant to directly join the crypto exchanges find especially appealing this accessibility.

Cryptocurrency Matures: Regulatory Clarity And Political Acceptance

Not only Wall Street but also other areas welcome cryptocurrency. The FIT21 measure passed recently by the US House of Representatives marks a change in Washington’s attitude towards digital assets.

As of today, the market cap of cryptocurrencies stood at $2.4 trillion. Chart: TradingView.com

This historic measure gives crypto a “digital commodity” designation, therefore offering much-needed legal certainty. Advocates think this would not only stop frauds and safeguard customers but also help to create a more stable atmosphere for crypto innovation.

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

A major step towards official US government acceptance of cryptocurrencies, the FIT21 measure marks Recent political events highlight even more this newly acquired legitimacy.

The choice of former US President Donald Trump to accept campaign donations in cryptocurrencies shocked the business and indicated a rising acceptance of cryptocurrencies among powerful people. (Trump was convicted Friday in the case involving a payment that silenced a porn star). Usually a Republican nominee for president in 2024 is Trump. On 34 felony allegations of fabricating corporate documentation, he has been found guilty.)

Related Reading: SEC Slapped With $1.8 Million Bill After Debt Box Case Dismissal

Embracing The Future

Although the market for cryptocurrencies shows promise, analysts counsel caution for anyone making investments. The natural volatility of the market raises serious issues, hence before making ETF investments, investors should evaluate their risk tolerance. Understanding the expense ratio completely is also crucial since ETF fees can lower returns.

Notwithstanding these obstacles, the release of spot Bitcoin ETFs marks a turning point for the cryptocurrency industry. Rising liquidity, more general acceptance, and a better legislative environment point to a developing sector. The future for this new asset class seems bright as Wall Street and Washington begin to coincide on cryptocurrencies.

Featured image from FlexJobs, chart from TradingView

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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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