There are a lot of people who lost a significant amount of money when they invested in fintech companies as well as different cryptocurrencies. But let’s go back 10 years ago. Bitcoin was the brainchild of Satoshi Nakamoto. Blockchain technology is said to be the one that is responsible for Bitcoin and other cryptocurrencies out there. What is blockchain? Basically, blockchain is the distributed ledger which lists down all the transactions since the beginning. Here, you will need miners to confirm transactions. Miners make use of high powered computer to solve algorithms.
Now, after 2017, the price of Bitcoin crashed by 80%. Basically, the lack of adoption and regulatory hurdles stopped Bitcoin on its tracks. From near $20,000, Bitcoin crashed all the way to just around $3,500.
A Bitcoin ETF is believed by many to be the answer to this problem. Now, the US Securities and Exchange Commission has been sending mixed signals regarding approval of a Bitcoin ETF. They’ve mentioned months ago that the lack of surveillance tools make the market vulnerable to price manipulation. However, in a more recent statement by one of the agency’s commissioners, it was mentioned that there will be a Bitcoin ETF eventually. However, the criteria for such should be met. Will there be a Bitcoin ETF? Or do you think that there are still a number of regulatory changes that should be done first?