Suddenly, I found that many people in China knew that Hong Kong had approved the Bitcoin ETF, and they all agreed that this was the country’s recognition of Bitcoin. I felt that I was more emboldened, and no one dared to say that Bitcoin was an air scam anymore.
Pantera Capital executive: Bitcoin spot ETF approval means cryptocurrency has received “significant validation”
On May 5, The Block reported that Pantera Capital general partner Franklin Bi said that the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States this year provides important validation for the crypto industry. The crypto venture capital firm is raising a new $1.25 billion fund.
While Franklin Bi declined to comment specifically on Pantera Capital's new fund, he told The Block in an interview that it's a timely opportunity for venture capital firms generally to raise new capital and position themselves to support emerging startups.
Franklin Bi said the approval of the spot Bitcoin ETF “significantly validates” the crypto industry. The approval “really shows people that, directionally speaking, regulation is still moving in a positive direction for digital assets,” he said. “This validation really solidifies the belief among many institutional investors that this is a long-term technology trend and development. Cycle confidence, they should be exposed to this trend.”