Bitcoin ETF will likely be accepted sooner
Bitcoin grew to $ 49,000 and then $ 51,000 yesterday. The big altcoins are also growing, but the growth rate is low. Some coins rose sharply like SHIB, CETH, ICX, … In contrast to the crypto market, US stocks fell. The S&P 500 index lost 1.57%.
To date, there have been a number of Bitcoin ETF proposals that have expired and that need to be answered by the SEC. In early October there were four proposals that were delayed by the SEC by 45 days: Global X Bitcoin Trust, Valkyrie XBTO BTC Futures Fund, WisdomTree BTXC Trust, and Kryptoin BTC ETF.
Bloomberg analyst Eric Balchunas voiced his personal opinion that the SEC is delaying the approval of Bitcoin ETFs, but that they are funds with real BTC for safety under Act 33. According to him, Bitcoin futures ETFs have a 75% chance of getting approved this October.
Brazil presents bill to accept BTC
Brazil is likely to accept BTC as a self-legal currency similar to El Salvador. The BTC bill will soon be presented before the general assembly in the next few days. Brazil is the country with the ninth largest economy in the world with a GDP of more than $ 1.87 trillion, which also has a huge impact.
Nearby Brazil could soon use Bitcoin as its currency. That’s what Deputy Federal Minister Aureo Ribeiro says, who said that Brazilians can buy houses, cars and McDonald’s with the world’s largest cryptocurrency BTC.
This is made possible by the draft law 2.303 / 15, which was passed last Wednesday, which is intended to create a regulatory framework for digital currencies. However, the bill faces a final hurdle in front of the entire House of Representatives in the coming days.
A recent survey by Sherlock Communications found that nearly half of those surveyed believe that Bitcoin should be legal tender. The study interviewed 2,700 people over 18 from seven Latin American countries: Brazil, Argentina, Chile, Colombia, Costa Rica, El Salvador, Venezuela, and Mexico.
The results show that 48% of Brazilians believe that their country should adopt Bitcoin, with 31% agreeing with this statement and 17% strongly agreeing with this statement.
Researchers found that 55% of Brazilians invest in Bitcoin for diversification. 39% said they did this to protect themselves from inflation and economic uncertainty. Brazil’s inflation rate has risen for one month in a row since February, with the most recent figure in August at 9.68%.
People in that country protested, saying that because of President Bolsonaro’s decisions, unemployment had skyrocketed and hunger was spreading among the population. Hence, the president and politicians of this country are trying to enforce the BTC Acceptance Law to save the situation.
Grayscale sees more investment growth potential in ADA than ETH
Grayscale has suggested that Cardano could be undervalued versus Bitcoin and Ethereum due to its strengthening fundamentals.
The Grayscale company has started in-depth research into aspects such as overall transactions, community, network and future development of Cardano. Grayscale also believes that Cardano’s price is undervalued in value compared to Bitcoin and Ethereum.
Grayscale’s report suggests that Cardano has certain advantages. The founder of this network, Charles Hoskinson, is also an influencer and regularly shares and updates ADA.
The next benefit is that the ADA community is strong, represented in many countries and easily accessible to users. This network prioritizes decentralization first. Finally, ADA’s development capital is more than $ 1.6 billion, a significant figure for the development of the network.
In addition to the advantages, Grayscale also brings out the existing weaknesses of ADA. First, ADA has many competitors like Ethereum, Solana, Internet Computer Protocol, Avalanche, …
Next, ADA has few decentralized applications compared to the current large network. This doesn’t add to the number of users much. Another common weakness in existing crypto networks, with the exception of ETH and BTC, is at risk of being sued by the SEC and labeled as securities. And during development, ADA, like other networks, will have certain vulnerabilities.
Overall, Grayscale has analyzed pretty in depth and covered many aspects of the Cardano network. You still see more potential for investment advantages in the network than the current BTC and ETH.