The SEC has approved Bitcoin-ETF. The orchestra is playing, the fireworks are flying up into the sky. But here comes the evening, there remains a table with dirty dishes and a sad understanding that tomorrow begins again the usual day.
This reminds me of the Bitcoin-ETF approval story. Waiting for a great event was much more important than the event itself.Most crypto traders, after a bout of euphoria, experienced equally dramatic bouts of disappointment.The promised explosive growth did not happen,moreover, late Friday night Bitcoin began to fall, quickly losing about 10%.Where it will go next is not clear, but any downward movement speaks volumes about investor dissatisfaction.
I have long said that Bitcoin-ETF itself fundamentally changes nothing.It is just another speculative instrument.Yes,new exchanges will join the trade, new customers will appear, prices may rise... The price,however,will rise within the economic niche without affecting others.Cryptocurrency holders will get rich,but this will not force crypto projects to develop more actively.
SEC chairman Gary Gensler hurried to cool off investors,stating that endorsing the ETF did not mean endorsing Bitcoin itself.It sounded a little ominous.It seems Gensler did not accept defeat and hoped for revenge.This is in the case of the growth scenario of Bitcoin and,following it,of the entire market. Investor disappointment may well cause a fall, and it may be significant.
Big investors, by the way, are well aware of the situation.The head of BlackRock Larry Fink in an interview with CNBC mostly spoke not about the ETF, not about Bitcoin’s exchange prospects, but about widespread tokenization. This is encouraging - if the resources of BlackRock and similar funds are directed to the development of blockchain projects, it would be a great shift. Now, this could really blow up the industry.Active implementation of the blockchain may indeed change our digital infrastructure, as long as the momentum created by Bitcoin-ETF is not lost.