Why is it said that the United States has a higher probability of successfully issuing a Bitcoin ETF this year?

Bitcoin has garnered a lot of attention, with some prominent figures becoming its supporters, advocating for more public adoption of the cryptocurrency.

While many people have added bitcoin to their portfolios, for some investors, no matter how attractive the asset's long position may be, there are several concerns that make it skeptical to trade bitcoin directly. the

For these investors, a bitcoin ETF is a great solution to their ambivalence about wanting to allocate bitcoin. the

Yet since crypto assets have gained traction, U.S. investors have had trouble acquiring such an ETF, and attempts to launch an ETF have completely failed.

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Fortunately, several indicators suggest that it won’t be long before we see a flood of Bitcoin ETFs flooding the U.S. financial sector.

For example, the Securities and Exchange Commission said on Friday that it was reviewing the WisdomTree bitcoin exchange-traded fund (ETF) and would publish its assessment in a press release. the

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This brings the number of ETFs in the SEC filing process to eight, with Vaneck’s bitcoin ETF and the recently filed WisdomTree bitcoin ETF under review. the

Nigerian fintech founders: African fintech has greater scale potential than other technology startups: Jinse Finance reported that the African fintech industry has grown rapidly in the past few years, which has attracted some well-resourced venture capital (VC) firms s concern. This dominance has persuaded venture capital firms to pour tens of millions of dollars into different fintech projects in Nigeria. In fact, some fintech startups originating in Nigeria, the continent's most populous country, have managed to secure over $100 million in funding. According to Eghosa Nehikhare, CEO of financial services fintech startup Multigate, this is due to the interrelationship between certain variables such as (1) the scale potential of the business, (2) the patience of the VC/PE providing the funding ( or impatience), (3) the proportion of fintech’s “true” addressable market size compared to other tech startups, (4) and ultimately return on investment (ROI). African fintechs have greater potential for scale than other tech startups in the region, given that a large portion of today's population desperately needs most of the solutions fintech offers. (news.bitcoin) [2022/5/10 3:02:42]

Before that, the SEC had rejected several bitcoin ETF applications in the past, in part because of strict market policies that essentially dismissed the digital asset as a whimsical idea.

Nonetheless, with the flexibility of the system and new, more favorable legislation, there is reason to believe that these new EFTs will be evaluated favorably. the

Another source of optimism is the appointment of a new Securities and Exchange Commission chairman. Recently, the SEC has come under sharp criticism for its stance on several cryptocurrency issues.

Mati Greenspan, founder of Quantum Economics, said in a newsletter about the LBRY case, "We don't know who is calling the shots there now, but they don't seem to be friendly to the crypto industry at all." 

With Gary Gensler confirmed as the new SEC chairman on April 12, the public, especially among cryptocurrency advocates, is hoping for more favorable decisions on digital assets, such as in the area of Bitcoin ETF review. the

In an interview with Barron’s Avi Salzman, SEC Commissioner Hester Peirce noted that she does not know if the SEC will start approving bitcoin ETFs. Still, the SEC is indeed in a period of transition, which could be a breath of fresh air for the cryptocurrency industry. the

Specifically, one of the main reasons that lead to the belief that the U.S. is closer than ever to launching its first Bitcoin ETF is the fear that new cryptocurrency-related innovations will flourish abroad, and that the U.S. has a strong track record in cryptocurrency regulation and adoption. lags behind other countries, as Pierce said in an interview with Salzman.

When Pierce was asked if she thought the U.S. was lagging behind in cryptocurrency-related innovation, Pierce noted that she believed they were “behind the curve.” the

As other countries, such as Canada and Brazil, approve bitcoin ETFs and enact more aggressive policies for cryptocurrencies, the U.S. may take its first steps in the same direction in an attempt to leapfrog other countries.

The original text comes from zycrypto, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.

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