Grayscale Boss Speaks On China’s Crypto Prohibition and Possibility of Ether ETF
The CEO of Grayscale Investments, Michael Sonnenshein, was recently featured on another episode of CNBC’s Squawk Box to discuss the Securities and Exchange Commission’s authorization of the first Bitcoin exchange-traded fund (ETF).
He also offered his thoughts on the implications of the SEC’s licensing of a Bitcoin derivative ETF for the blockchain business, as well as his predictions for what the SEC might do next to support the community. “According to @Grayscale CEO @Sonnenshein,- ‘All we have now seen out of China recently is additional iterations of a prohibited position against the investment market,’ referring to the Chinese government’s crackdown on # Bitcoin, ‘Time after time, the endurance of this ecosystem has allowed mining hash strength to be transferred to various regions of the world.’”- Squawk Box (@SquawkCNBC). 18th of October, 2021.
The Bitcoin ETF Raised Funds For Bitcoin Commodities
Sonnenshein argues that the authorization of the very first Bitcoin derivatives exchange-traded fund (ETF) will likely result in an influx of funds and new participants into the Bitcoin network. He also noted that the creation of the inaugural Bitcoin ETF is extremely bullish for the commodity class – Bitcoin – and that the asset class itself is very bullish.
Sonnenshein Expects SEC Will Authorize An Ether ETF
Additionally, the CEO of Grayscale believes that, because the SEC has grown increasingly pleased with the idea that a Bitcoin ETF will be controlled by it, the commission is extremely likely to introduce a comparable Ether vehicle to the trade as well. The initial Bitcoin derivatives exchange-traded fund (ETF) established by ProShares will be launched on the New York Stock Exchange today, October 19, under the trade name BITO. After a 75-day evaluation period, the SEC has found no grounds for a complaint.
Jim Cramer, a CNBC analyst, predicts that three additional Bitcoin exchange-traded funds (ETFs) will be authorized this week. The ETF will provide traders with access to Bitcoin derivatives contracts traded on the CME. Grayscale has also announced that it intends to submit a proposal to the SEC to transform its Bitcoin Vehicle into a spot Bitcoin ETF.
China’s Cryptocurrency Prohibition And The Bitcoin ETF
When Sonnenshein was questioned if the Bitcoin derivatives ETF would make it more difficult for the Chinese authorities to continue their crypto prohibition, he said that the restrictions exerted by the Chinese authorities are beneficial to the cryptocurrency market. According to the CEO, the prohibition has resulted in a movement of cryptocurrency trade numbers and mining energy from China to other nations, particularly the United States.
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