Over the past two weeks, trading volumes for bitcoin and other cryptocurrencies have increased. This is partly due to the excitement surrounding the Securities and Exchange Commission's (SEC) ruling on cryptocurrency ETFs. However, Ethereum co-founder Vitalik Buterin considers such hype to be exaggerated and draws the attention of the cryptocurrency community to the fact that it is necessary to make it easier for people to use digital currencies, and not pay too much attention to cryptocurrency ETFs.
On Twitter Vitalik Buterin wrote that the upcoming cryptocurrency ETFs should not distract the community from its main goals. “I think there is too much emphasis on accepting BTC/ETH/ or other ETFs, and not enough emphasis on allowing people to buy $5 to $100 in crypto through cards in stores.”
Buterin’s comment reflects the current situation in the digital currency industry, where the focus has shifted from the “battle for banking services” to discussions on the topic of financial revolution. All the news is now focused on the issue of cryptocurrency ETFs, as Wall Street and regulators analyze the impact of the decisions made by the SEC. Developers should also not be dependent on the implementation of financial products of any type of cryptocurrency. Buterin rightly noted that ETFs, if approved, would only affect liquidity on the open market, but would not affect the principle of digital currencies.
The hype around ETFs is helping to pump up the price, and efforts to make mainstream cryptocurrency a real means of payment would help actual adoption of cryptocurrencies.
Recall that the SEC rejected the second application filed by the Winklevoss brothers for a bitcoin ETF. The commission remains unconvinced by the arguments made by the Winklevoss brothers in favor of cryptocurrency ETFs. Analysts, investors and the entire cryptocurrency community are waiting for the SEC to announce its decision on August 10, 2018 regarding the application for a bitcoin ETF filed by the CBOE exchange. However, the SEC decided to postpone the date of its decision to September 2018. The exchange CBOE was the first operator to offer trading in bitcoin futures and derivatives and now plans to list the first cryptocurrency ETF.
An ETF is an exchange-traded fund that includes an index, commodity or asset. ETFs are listed on exchanges in the same way as stocks and provide more liquidity to small investors. It is expected that more retail investors will invest their savings in digital currencies once the cryptocurrency ETF is approved and allowed to list for trading.
According to btcmanager.com
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