Image showing Bitcoin ETF approval nearing, but brace for more setbacks: BitGo CEO.
Bitcoin ETF approval nearing, but brace for more setbacks: BitGo CEO

Differences between Web 1.0, 2.0, and 3.0

Mike Belshe, CEO of cryptocurrency exchange BitGo, believes that the chances of getting a Bitcoin (BTC) exchange-traded fund (ETF) approved are high. However, he also noted that the process won’t be without obstacles.

In an interview with Bloomberg on November 16, Belshe stated that he is optimistic about the approval of a Bitcoin ETF due to the conversations taking place between firms seeking approval and the United States Securities and Exchange Commission (SEC).

But he also pointed out that the SEC requires the market structure to be improved before a Bitcoin ETF can be approved:

Belshe highlighted the SEC’s requirement to differentiate between crypto exchanges and custodians, and stressed that this should be addressed before approval is granted.

FTX Exchange and Bitcoin Fees

Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, was reportedly trying to make it a multifaceted operation.

In recent times, the potential approval of a spot Bitcoin ETF has caused a significant surge in fees on the Bitcoin blockchain, with the fees paid on November 16 reaching $11.6 million – a 746% increase compared to a year ago.

The market analysis by Cointelegraph reveals that Bitcoin is currently holding steady near 18-month highs, surpassing its bear market trading range.

At present, there are 12 asset management firms who are expecting a decision on Bitcoin ETF applications. According to Bloomberg expert James Seyffart, the probability of approvals by January 10, 2024 is estimated to be 90%. This decision will have a significant impact on the differences between web 1.0, 2.0, 3.0, and 4.0, as well as the concept of blockchain and web 3.0.

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