The possible approval of the Bitcoin ETF could represent a change in the traditional financial landscape over the last three decades.
In what could be the most significant development on Wall Street since the creation of the S&P index in the 1990s, Bitcoin advocate Michael Saylor has highlighted the possible approval of a spot Bitcoin exchange-traded fund (ETF).
In an interview with Bloomberg on December 19, Saylor expressed his excitement, stating that “It’s not unreasonable to suggest that this may be the most important development on Wall Street in 30 years.” Referring to the last significant milestone, Saylor recalled the creation of the S&P index and the possibility of investing in the 500 S&P companies through a simultaneous operation.
The approval of a Bitcoin spot ETF would open new doors for institutional investment in the leading cryptocurrency. This event could provide traditional investors with an easier and safer way to access Bitcoin while further solidifying the legitimacy of cryptocurrency in the mainstream financial arena.
BlackRock and Nasdaq Explore the Path to a Bitcoin ETF
Representatives from BlackRock and Nasdaq sat down with the Division of Trading and Markets of the United States Securities and Exchange Commission (SEC) to discuss the proposal to launch a Bitcoin spot ETF, marking a significant milestone on the path towards institutional acceptance of cryptocurrencies.
The discussion centered on Nasdaq’s “proposed rule change for listing and trading iShares Bitcoin Trust shares under NASDAQ Rule 5711(d),” as detailed in the memorandum published by the SEC. This rule change could pave the way for the listing and trading of a Bitcoin-backed exchange-traded fund.
Executives Share Insights on Bitcoin ETF
Prominent executives in the cryptocurrency space have shared their opinions on the potential impact of this new investment vehicle on the markets at large.
In an interview with CNBC, Michael Sonnenshein, CEO of Grayscale, expressed his optimism about the BTC market, noting that many investors are incorporating Bitcoin into their portfolios. Sonnenshein looks forward to the introduction of spot Bitcoin ETFs, since this would allow unlocking exposure to Bitcoin for a part of the investment community that has not yet had the opportunity to invest in BTC.
Grayscale is presenting itself as a leading candidate for approval of spot Bitcoin ETFs. “Many investors are adding bitcoin to their portfolios, and as we look toward the hopeful approval of spot bitcoin ETFs, it will really open up the opportunity for a part of the investment community that… has unfortunately been left out of the market,” Sonnenshein added.
Ripple Anchors Its Roots in Ireland
Ahead of the MiCA (Regulation of Cryptoasset Markets) law coming into force next year, Ripple has selected Dublin as its European headquarters. The blockchain business development firm has formalized its status as a virtual asset service provider by registering with the Central Bank of Ireland.
This strategic step by Ripple seeks to position itself solidly in the European market and ensure smooth access to the European Union. The company has also expressed its intention to obtain a license in Ireland before new laws for crypto companies come into force across the EU.
The choice of Ireland as a fulcrum takes on added relevance given the imminent implementation of MiCA at the end of next year. With the new regulation, companies in the sector will be able to select a member state from which to extend their license to reach the 450 million inhabitants of the EU.
By Leonardo Perez
