As the decision of Bitcoin ETF still hangs in a limbo, the suggestions and opinions from leading personalities continue to flow. As we are still not able to draw parity between whether an ETF is the most important thing for the Bitcoin, a thing that comes out common of all these opinions and statements or at least no one has denied that Bitcoin will have to develop and improve trust not just in SEC but in the community at large with respect to price manipulation and security. Well if some experts are to be believed having credible names involved in the game could help SEC turn the tables in favor of Bitcoin ETF.
Ventures like Bakkt are more positive than ETF says David Gokhshtein
While the camp still being divided, David Gokhshtein, an entrepreneur, influencer and a crypto passionate, expressed his opinion saying that Bitcoin ETF is good for the cryptocurrency but what he likes most is the ventures like Bakkt which brings in players like ICE into the game. According to him, traditionally strong companies are the one that could help Bitcoin and other cryptocurrencies mature and up their game as an investment asset or instrument. On being asked regarding an ETF helping bitcoin, David stated that is the most concise manner.
“It would, but not like bakkt.”
The brevity of the statement speaks out that David belongs to the camp that believes that ventures like Bakkt will be even more beneficial to the cryptocurrencies than an exchange-traded fund.
On August 03, the Intercontinental Exchange (ICE), a well-renowned operator of exchanges across the globe, announced that it is going establish a new company named “Bakkt” with focus on developing a global ecosystem for digital currencies. Bakkt is intended to utilize the cloud solutions presented by Microsoft in order to establish a secure, open and regulated global ecosystem for cryptocurrencies across the world. The platform will enable consumers and institutions across the globe to buy, sell, store and spend digital currencies in a protected and secure ecosystem available on a global network.
Ventures like Bakkt the use case of Bitcoin would also increase as it would provide convenience to the consumers regarding the usage of digital currencies will increase exponentially.
Abra’s CEO Bill Barhydt shares the same view
Abra’s CEO, Bill Barhydt also expressed his confidence that the U.S. Securities and Exchange Commission (SEC) will approve the first Bitcoin ETF later this year. According to him, the Bitcoin ETF applications were being rejected by the SEC as it could not find some credible names involved in it. While speaking to the hosts of CNBC’s “Squawk Box Europe,” Barhydt explained his views:
“I think the issue with the SEC, quite frankly, is that the people who are doing the applications don’t fit the mold of who the SEC is used to approving…I used to work for Goldman Sachs, but if you look at how I’m dressed you probably wouldn’t know it. So I probably, unfortunately, couldn’t go like I am here to a meeting at the SEC to say I’m applying for the ability to issue an ETF.”
Bill Barhyat’s statement comes at a time when his company, Abra, extended reach and support of Bitcoin and other cryptocurrencies to every Single Euro Payment Area (SEPA) bank account holder. This move of the supporting SEPA account holders now will allow the citizens of the 28 member states of the European Union, four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and Andorra, Monaco, and San Marino, the ability purchase cryptocurrencies via direct bank transfer. Alongside the expansion into the SEPA zone, Abra also launched support for Cardano (ADA), Basic Attention Token (BAT), and Tron (TRX). Abra now provides support for 50 fiat currencies and 28 cryptocurrencies.
Be it ETF getting approved or not, improving use case for Bitcoin’s and credible names being involved in the crypto game is definitely improving the fundamentals of cryptocurrencies. This is just affirming that cryptocurrencies are here to stay and will be part of every one of our common lives very soon.
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