EXCLUSIVE: GSU Protocol Founder Believes That SEC Delays & Litigation Are An Effort To Protect USD Dominance
Portfolio Pulse from Justin Roberti
The SEC has approved spot Bitcoin ETFs from 11 issuers including Grayscale, Ark Investment, BlackRock, VanEck, Wisdom Tree, Fidelity, Invesco Franklin, Hashdex, and Valkyrie. Grayscale's GBTC is now listed on NYSE. The approval is seen as a victory for crypto, with Bitcoin's value surging at the end of 2023. Jesper Toft of GSU Protocol suggests the SEC's actions aim to protect USD dominance, while GSU offers a stable alternative. The EU's MiCA regulations are seen as protective of banks. Crypto's future as a viable alternative to fiat currencies like USD is discussed.
January 13, 2024 | 2:26 pm
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POSITIVE IMPACT
Ark Investment, known for its ARKK ETF, is among the parties approved for spot Bitcoin ETFs, which may lead to increased investor interest in ARKK due to its association with innovative and disruptive technologies, including cryptocurrency.
Ark Investment's involvement in the newly approved Bitcoin ETFs aligns with its focus on innovation, potentially making ARKK more attractive to investors looking for exposure to cryptocurrency through a regulated framework.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
BlackRock, included in the approval for spot Bitcoin ETFs, may see a positive impact on its assets under management as it can now offer clients exposure to Bitcoin in a regulated ETF format.
BlackRock's approval to offer a Bitcoin ETF provides it with a new product to attract investors, potentially increasing its assets under management and positively impacting its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Grayscale's Bitcoin Trust (GBTC) has been approved for listing on the NYSE, marking a significant milestone for the cryptocurrency market and potentially increasing investor interest and confidence in Bitcoin.
The listing of GBTC on the NYSE is a direct endorsement of Bitcoin by a major financial institution, likely to attract both retail and institutional investors, thus potentially driving up the price of GBTC in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100