Bitcoin ETF Might Be Approved by End of This Year, If Not Sooner, Framework Ventures CEO Says
Bitcoin (BTC), Ethereum (ETH) and the rest of the cryptocurrencies are doing well despite severe regulatory pressure and overall pessimism. Seasoned cryptocurrency investor Vance Spencer shares his own reasons to stay enthusiastic about what the next few years and decades are about to bring for crypto.
Bitcoin ETF might unlock similar opportunities for other cryptos, CEO Spencer says
The hotly anticipated spot Bitcoin ETF is going to be approved by the end of this year or sooner. Once it goes live, other cryptocurrencies will also be able to gain investors exposure with similar ETF products. Such statements were made by Vance Spencer, CEO of Framework Ventures thesis-driven investing firm on his personal Twitter account.
GM, it is good to be back. Here is where we are by my estimation.
We are 280 days out from the BTC halvening and a spot bitcoin ETF looks to be coming by the end of the year, if not sooner. No doubt this will lead to other ETF opportunities for other cryptoassets.
Ethereum has…— Vance Spencer (@pythianism) July 10, 2023'Rich Dad Poor Dad' Author: 'I'm Following Saylor's Tactical Bitcoin Investment Plan'Elon Musk Slams SEC After Scoring Partial Victory in Court, DOGE Founder Joins HimEnormous XRP Breakthrough: $2 in Sight, Dogecoin (DOGE) at Pivotal Price Level, Ethereum (ETH) Forms Very Dangerous PatternNovogratz on Bitcoin Approaching $100K: 'This Is a Big Moment'
Ethereum's (ETH) future also looks bright: the blockchain successfully transitioned from proof-of-work (PoW) to proof-of-stake (PoS) consensus and managed to become deflationary thanks to EIP 1559's effects.
Its major DeFis are offering lucrative APR to its liquidity providers and will bring a new generation of no-coiners to the crypto investing segment. These accomplishments have already been noticed by reports of major banking institutions.
The Web3 segment stands strong amid a hostile macroeconomic context, Spencer highlights:
Crypto has withstood a staggering 525 basis points of federal reserve hiking and is on the other side of one of the nastiest deleveragings in financial history. The market expects one more hike with 95% certainty, and then that the fed will be done. The fed's dot plot implies rate headwinds will become tailwinds in 2024 and 2025. 2019 is uncannily similar to 2023's trajectory.
Regulatiry clarity — in terms of both stablecoins and other assets — will take shape as soon as this summer, the VC veteran says.
"History is on our side"
Meanwhile, the cryptocurrencies segment is still recovering from the painful effects of the 2021-2022 bearish recession. Besides a pale price performance, the market remains underexposed for millions of potential users and liquidity providers.
Nevertheless, the Framework Ventures CEO is sure that the Web3 sphere is replacing traditional banking institutions with the power of software. More and more centralized control points are eliminated by DeFi's progress.
"History is on our side...Excited for the next few years and decades," Spencer concluded.
Vladislav SopovAs covered by U.Today previously, Wall Street veteran Ram Ahluwalia indicated 10 bullish theses for the 2023 bullish rally.
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