● Analysis: If approved, the US spot Bitcoin ETF market has the potential to grow into a massive $100 billion market
According to Bloomberg, according to Bloomberg Industry Research analysis, if approved, the U.S. spot Bitcoin ETF market has the potential to grow into a massive market worth $100 billion.
Bloomberg analyst James Seyffart said, "We expect assets and trading volume to concentrate around one or more spot Bitcoin ETFs because they are high-quality products for most types of investors. New funds, especially those looking to buy and hold for the long term, will be attracted to spot products, which may also be cheaper and more efficient than current futures ETFs on U.S. exchanges."
● Wintermute Lianchuang: The approval of spot Bitcoin ETF is inevitable, but a lot of preparation time is still needed before listing
According to BlockBeats, Wintermute co-founder Evgeny Gaevoy said at the Token2049 "Institutionalization of Digital Assets" roundtable in Singapore: "To some extent, the passage of the spot Bitcoin ETF is inevitable and will happen sooner or later. I think people may have misjudged the timing, because even if the SEC eventually approves all these products, it will still take some time for these products to be listed, approved, and then some time for managers to allocate them. Therefore, it will take at least six months for us to start seeing funds flowing into these products, but more realistically it may be one to two years. But as I said, it is inevitable in the end, so I guess it is bound to happen. From this perspective, it is difficult to say how much the price will be affected, but I think once we see real capital inflows, that's when we get back on track for substantive development."
● CZ: Crypto has left its very early stages and may see exponential growth
According to BlockBeats, Binance founder and CEO Changpeng Zhao (CZ) said in a speech at the "Virtual Fireside Chat: CZ" session of Token2049 in Singapore: "I think one thing that needs to be made clear is that cryptocurrency does not need 100% penetration. The global Internet penetration rate is only about 60%. So we may think that everyone is using the Internet, but according to some statistics I have seen recently, only about 60% of people in the world are using the Internet. Therefore, if the penetration rate of cryptocurrency is currently around 5%, which is the proportion of people with certain cognitive skills, maybe it is higher now, between 5% and 10%, I can say that we have crossed the "abyss", and I think we are very close to this goal. Once we cross this stage, growth will grow exponentially. So I think we are already on the edge of this stage. So we are still in the early stages, but no longer very early."
● CZ: Establishing a regulatory-compliant OTC channel for cryptocurrency to fiat currency is the key issue at present
According to BlockBeats, Binance founder and CEO Changpeng Zhao (CZ) said in a speech at the "Virtual Fireside Chat: CZ" session of Token2049 in Singapore: "In my opinion, the key is the OTC channel for exchanging fiat currency for cryptocurrencies. Everyone has different focuses, and this is where we see the key to the problem. At the beginning of this year, due to the strengthening of regulatory policies, we saw a lot of traditional institutions withdraw from the OTC market. But at the same time, we also saw some new institutions entering the market. The industry already has tens of millions of users. I think doubling the number of users could bring the number of users in the entire industry to one billion. For most banks, if they only serve one country, they will get very few users. If they get 1 billion users, it will be very large for a bank. We can bring tens of millions or even hundreds of millions of users to these traditional financial institutions and benefit greatly from it. Therefore, we see that many traditional financial institutions want to get this opportunity. So I think that although it is very important for people to pay attention to the more advanced use cases of cryptocurrencies, in order to attract more people to cryptocurrencies, we must convert fiat currencies into cryptocurrencies, and vice versa."
● Binance participates in the 2023 Hong Kong International Forum on Cyber Policing to strengthen cooperation among law enforcement agencies in combating cybercrime
Binance officially posted on X (formerly Twitter) that Nils Andersen-Röed, Deputy Head of Financial Crime Compliance at Binance, will represent Binance at the 2023 Hong Kong International Forum on Cyber Policing. Nils emphasized emerging risks in the crypto industry and reviewed Binance’s efforts to work with law enforcement agencies to combat cybercrime.
● The annual rate of PPI in the United States in August was 1.6%, which was expected to be 1.2%
According to Jinshi, the annual rate of PPI in the United States in August was 1.6%, which was expected to be 1.2%. The monthly rate of PPI in the United States in August was 0.7%, which was expected to be 0.4%.
● Tesla may resume accepting Bitcoin payments
According to Cointelegraph, Tesla CEO Elon Musk said in 2021 that Tesla will accept Bitcoin payments once the proportion of clean energy used by miners reaches about 50% and has a positive future trend. Recently, Bloomberg analyst Jamie Coutts said in an article published on X (formerly Twitter) that the proportion of renewable energy in Bitcoin mining energy has exceeded 50%. Coutts said that the driving force behind this trend is the dispersion of miners from China and the use of mining in some countries to "cash in stranded and excess energy." At present, Tesla has not publicly announced the resumption of Bitcoin payments.
