How Web 3.0 Differs from Web 2.0
The U.S. Securities and Exchange Commission has denied spot Bitcoin ETFs due to market manipulation, and industry watchers claim that the final hurdle before approval was the $4.3-billion settlement between Binance and the United States. The settlement included Binance agreeing to have Justice Department and Treasury compliance monitors for up to five years, allowing the agencies to ensure that the exchange complies with Anti-Money Laundering and sanctions rules.
Travis Kling, chief investment officer of Ikigai Asset Management, stated in a June X (Twitter) post that BlackRock’s spot BTC ETF application would not be approved until Binance’s market dominance was reduced. He said, “There is no chance, and I mean zero, that this ETF is approved with Binance in its current position of market dominance. If this ETF is approved, Binance is either gone entirely or their role in price discovery is massively diminished.”
This situation has raised questions about the differences between Web 2.0 and Web 3.0, and how to make, build, and create websites for the latter. It has also caused people to wonder how to invest in Web 3.0, and how to learn about the technology.
Exploring the Link Between BlackRock and the US Government
Kling’s prediction triggered others to explore the relationship between BlackRock and the US government in relation to the Bitcoin ETF market. YouTuber Colin Talks Crypto raised the possibility that the action against Binance may have been planned, as BlackRock and its rival Vanguard together own 11.5% of Binance’s top competitor, Coinbase. He asked, “Is it a way for BlackRock to acquire a massive amounts [sic] of BTC for cheap? Is it a way to remove competition from U.S. markets right before the ETFs go live?”
On Nov. 20, BlackRock met with the SEC to discuss how it could use an in-kind or in-cash redemption model for its spot BTC ETF, the iShares Bitcoin Trust, in order to learn more about how to invest in Web 3.0.
Exploring the Possibility of Spot Bitcoin ETF
Grayscale, Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise all met with the securities regulator on the same day to discuss their bids to list a spot Bitcoin ETF. Mike Novogratz, CEO of digital asset investment firm Galaxy Digital, said the Binance settlement is “super bullish” for the cryptocurrency industry.
However, not everyone agrees that the Binance news will lead to spot BTC ETF approvals. Piper Alderman partner Michael Bacina suggested that it is best to let the speculation run its course.
Understanding Web 3.0
Web 3.0 is a term used to describe the next generation of the internet, and it is different from Web 2.0 in many ways. If you are interested in investing in Web 3.0, it is important to learn how it works and how to create a website for the platform. To get started, you can learn about the differences between Web 2.0 and Web 3.0, and how to make a Web 3.0 website.
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