Bitwise Asset Management is a pioneer in cryptocurrency index funds. Matt Hougan, the company's chief investment officer, said that the bitcoin base will bring surprises to people, which will force the traditional financial industry to "struggle" with the amazing growth of cryptocurrency.
It is not difficult to understand that the Bitcoin base may be the biggest beneficiary of the "cryptocurrency revival". The platform has 56 million certified users, and its revenue in the first quarter alone reached $654.38+08 billion (about RMB 654.38+06.5438+07 billion), and its value may be $50 billion (about RMB 327 billion) to $654.38+00 billion (about RMB 654.65438+00 billion)
This is an unusual valuation for any type of exchange. In contrast, the market value of the American Intercontinental Exchange, which operates the NYSE, is 65 billion US dollars (about 425.2 billion yuan), and the market value of Nasdaq is 25 billion US dollars (about 65.438+0635 billion yuan).
Such a valuation makes the investment community, especially the exchange-traded fund (ETF) community very excited.
The biggest "cryptocurrency game"
In the past, encrypted assets had the same problems as other popular commodities, that is, investors' interest was high and investable assets were obviously insufficient. However, the Bitcoin base still has a long way to go to solve this problem.
Matt Kennedy, senior IPO market strategist of Fuxing Capital, said that the Bitcoin base will become the largest pure game cryptocurrency listed company. He predicted that every encrypted ETF (transactional open index fund) will want to own it at some point, and the company may be the first company to own it.
Christian Magoon of Amplify had the same experience. He manages a transformational data sharing ETF (BLOOK) focusing on blockchain technology.
Magoon said that due to the active management of the company, once the company goes public, they can buy it at the moment of listing. They are very much looking forward to it appearing in the company's portfolio.
He said that other technology ETFs, especially Cathie Wood's Arkark Fintech Innovation ETF (ARKF) and Global X FinTech ETF(FINX), may also become buyers. And this is just the beginning. In the future, more ETF companies will apply for encryption funds.
As the ownership of cryptocurrency by individuals and institutions is still low, many people think that the valuation of Bitcoin base will also encourage more private entities to go public.
Hougan believes that as investors realize how fast encryption ecosystem companies are growing, there may be a "gold rush" of encrypted stocks in the future.
Michelle Bond, former senior legal adviser of the US Securities and Exchange Commission (SEC) and now CEO of the Digital Asset Market Association (ADAM), said that the listing of Bitcoin base will break the original obstacles because it must be approved by traditional financial regulators to ensure transparency, integrity and information disclosure.
Of course, this means that more players will join, including well-known competitors, such as Bakkt Holdings, a digital asset market under the Intercontinental Exchange, which has reached a merger agreement with the special purpose acquisition company -VPC Impact Acquisition Holding Company.
The attitude of the US Securities and Exchange Commission towards Bitcoin ETF
Although bitcoin ETFs exist in the United States, the United States does not directly own bitcoin. The stock portfolio held by people is considered to be related to blockchain technology.
Bitcoin exchange traded funds are what crypto investors have been expecting. Because the ETF of Bitcoin will greatly expand the class and category of potential owners.
The destination bitcoin ETF operated by Som Seif will be traded in Canada. He said that the Bitcoin ETF will create an easy, simple and efficient way to obtain Bitcoin. It's just like gold, and the way bitcoin is stored and kept is unique. ETF solved this problem. In addition, ETFs also have institutional support. In 2004, the appearance of GLD (Gold ETF) changed the world. This makes it easier to "hold gold" as an asset class.
He predicted that the Bitcoin Exchange Trading Foundation would have a similar effect.
A few weeks ago, the US Securities and Exchange Commission (SEC) admitted that it had received van Eijk's application for Bitcoin ETF and began a 45-day regulatory review period. At the end of the review period, the SEC must approve, reject or extend the review period. Several other companies, including Fidelity, also applied for Bitcoin ETFs.
Most observers believe that the SEC may put all its eggs in one basket and seek to extend the review period. It is reported that the longest period is 240 days.
An anonymous observer believes that the Committee doesn't like to deal with new things, and whenever something falls into this category, it will bring anxiety to the Committee. So they usually try to delay the time.
However, most bitcoin observers believe that bitcoin may eventually be approved at the end of 20021.
Magoon said that the biggest potential change is reflected in Gary Gensler, the nominee for the chairman of the SEC, and pointed out that Gensler had taught cryptocurrencies. He also pointed out that Hester Peirce, a member of the US Securities and Exchange Commission, is a Republican and has always been a supporter of Bitcoin ETF.
However, the biggest difference may be the improvement of bitcoin universe security.
In 20 18, the US Securities and Exchange Commission (SEC) rejected the application of Bitcoin ETF for the second time with a decision of 3 1. In particular, the Securities and Exchange Commission of the United States expressed concern about extreme price fluctuation and fraud of cryptocurrencies. It also points out that 75% of bitcoin transactions take place in overseas unregulated foreign exchange exchanges and foreign exchange markets that may be manipulated.
All bitcoin observers believe that the SEC must be convinced that fraud and manipulation have been resolved.
Hougan believes that the encryption market has taken a long time to solve these problems.
Hougan said that a few years ago, there was no unregulated futures market. But now there is, and the transaction volume is bigger. Before, there were no standardized custody institutions and insurance, but now there are. We have made great progress. It is unknown whether the target line has been crossed, but the company is approaching the target.
(Canadian-American financial feature, plagiarism will be investigated)
# Bitcoin base #, cryptocurrency #, Bitcoin #
Author: 12
Editor: Jax