The head of major cryptocurrency investment firm Grayscale believes that only a couple of maturation points separate the United States from its first Bitcoin (BTC) exchange-traded fund (ETF). In this regard, Grayscale’s CEO pledged 100% to convert GBTC into a Bitcoin ETF.
In statements to CNBC on July 19, Michael Sonnenshein reiterated that a U.S. ETF is not a question of if, but of when.
Currently, regulators have 13 ETF applications under consideration. And, in the United States, it lags behind its neighbor, Canada, when it comes to giving them approval. It’s been years of applications and rejections. And, some believe that an ETF would ultimately create bearish price pressure for Bitcoin in the long run.
However, Sonnenshein, Grayscale’s CEO, says the company is “100% committed” to transforming its Bitcoin product, the Grayscale Bitcoin Trust ($GBTC), into ETFs once the right conditions are in place.
«I think, in our seat, from our view of the world, we’re really looking for a couple of different maturation points in the underlying market. And, that’s really the final stages of what we think regulators need to approve those kinds of products and give investors the protections they’re looking for».
Last week, Grayscale announced a partnership with American bank BNY Mellon, which will now provide services for GBTC when it experiences its metamorphosis.
GBTC is already in the headlines of cryptocurrency circles for its unlock events, the largest of which occurred on Sunday. With conflicting opinions about its potential impact on price.
Cryptocurrency experts consider Bitcoin to replace fiat money in 20 years
The current fall in the price of Bitcoin has not managed to curb the optimism of some experts regarding the largest cryptocurrency in the world.
In a new survey conducted by the personal finance comparison platform Finder.com, half of respondents believe Bitcoin will outperform fiat money. Or currencies issued by central banks, in 2040.
While the sample is arguably narrow, Finder.com he says the report is based on a panel of 42 cryptocurrency experts, showing that the fall in the price of Bitcoin since April’s all-time high did not affect the long-term outlook of crypto professionals.
The survey reveals that 50% of respondents expect to see the time when Bitcoin will impose itself on global finance. Also known as hyperbitcoinization, in the next 20 years. One-third of participants believe the event will occur before 2035. While 44% predict that Bitcoin will never become the dominant form of global finance.
Report revealed that El Salvador can issue its own stablecoin
The government of El Salvador has plans to launch a native cryptocurrency that consumers will be able to use for the services. The Latin American digital newspaper El Faro reported on Friday night.
Ibrajim and Yusef Bukele, the brothers of the country’s president Nayib Bukele, told potential investors that the cryptocurrency, currently referred to as the Colón dollar, would be introduced by the end of 2021, according to the report, which cited video recordings of the brother discussing the proposal with these investors.
The brothers said they represented the president, according to the report, which was also based on documents obtained by The Lighthouse. The news comes weeks after the Central American country’s government overwhelmingly passed the president’s Bitcoin Law, which will treat the original cryptocurrency as legal tender and require all businesses to accept it as payment for goods and services by September.
Elon Musk adds a Twitter profile photo wearing sunglasses that mirror Dogecoin
Elon Musk, the CEO of Tesla and SpaceX, changed his photo of profile of Twitter incorporating in his image sunglasses that include the logo of Dogecoin.
Although in his usual indirect language, Musk seems to be making a projection into the future. It refers to the cryptocurrency Dogecoin based on a meme of the puppy Shiba Inu. As always in the case of Musk, followers must interpret it.
As UToday accounts, Musk’s new appearance caught the market’s attention and DOGE immediately went up. However, it didn’t skyrocket as much as it did in the early months of the year when Musk posted a tweet.