On August 30, 2023, crypto fans around the world are looking forward to the results of the lawsuit between Grayscale and the SEC. The results didn't disappoint as Greyscale won the SEC's lawsuit over its application to convert its bitcoin trust into an ETF.
How does this event affect cryptocurrency investors and how does it impact Bitcoin in particular and the cryptocurrency market in general? Let's find out with FinFan through the following article.
For investors in the crypto market, the presence of a bitcoin ETF will be a premise for the process of spreading the awareness of this coin to other investors. This supports the price of this currency to rebound strongly after recent consecutive declines.
Moreover, when this ETF appears, it will motivate fund issuers to issue more ETFs with some other altcoins, which will also create momentum for these currencies to increase and a wave of uptrend will begin to appear.
Grayscale's victory also means that from now on, there will be a new investment method on the US stock exchange, which is an ETF of cryptocurrencies.
From here, investors will have one more choice to invest and start learning more about these cryptocurrencies and the benefits they bring.
Grayscale's win also opened up an extremely surprising price increase from companies operating in the crypto market listed on the stock exchange. Thereby opening up opportunities to take profits for investors in the shares of these companies.
The appearance of an ETF on the US stock exchange shows that the government has begun to take a less strict look at this new type of payment.
In the past, people often talked about pioneering brands in accepting payments in Bitcoin as well as stablecoins and saw it as a new movement that soon bloomed and faded away.
Even in some countries, payments in these currencies are considered illegal, and cross-border payments in these new currencies have become very difficult (most must go through extremely risky P2P).
However, as these cryptocurrencies are increasingly developed and recognized by the financial authorities of the United States, more financial technology businesses will invest in this market to give the most efficient option for paying consumers from different countries.
Today, a number of international e-commerce sites have begun to accept payments in different types of cryptocurrencies.
The advantage of this type of cryptocurrency is always security as well as quick payment. However, the lack of close supervision by any state agency can also lead to manipulation to push up the currency's price as well as several methods of money laundering or illegal business growth.
The approval of the first Bitcoin ETF is also on the premise that state agencies are looking for ways to manage and control price manipulation as well as limit prohibited activities in the trade of these cryptocurrencies.
Cross-border remittance is another story, that segment has long been a method for workers and students away from home to send money to their families to partially support the economy as well as the necessary conditions for their families to have a life richer and more prosperous.
The reason is that in some countries around the world, cryptocurrency is still not recognized and approved by the state for daily consumer payments.
As a result, if you wish to send cryptocurrency to these nations, you'll need a solution that can convert all crypto coins to fiat and deliver them to users via traditional methods like over-the-counter pickup or online transfer to bank accounts (FinFan's services in cooperation with Triple-A can help senders to do that).
However, with the presence of the Bitcoin ETF, the trust of older people in this intangible asset will be somewhat increased and they will gradually be able to accept cryptocurrencies.