Bitcoin will represent the generational commerce

Recently, the former president of PayPal stated that Bitcoin will represent “the commerce of this generation”. Let’s see below his perspectives on cryptocurrencies and the possible implications for the future of finance.

The opinions of the former president of PayPal on Bitcoin

As anticipated, the former president of PayPal recently stated that Bitcoin will be the significant commerce for the current generation, as read in a tweet published on X by Bitcoin Magazine:

As expected, this statement has generated considerable interest in the financial sector. In fact, the words of the former president of PayPal reflect the growing recognition of Bitcoin as a unique and significant opportunity. 

In addition, with his background in the financial sector, the perspective of the former president of PayPal offers an authoritative view on cryptocurrencies. 

This perspective could also positively influence the adoption and perception of Bitcoin, potentially opening up new prospects in the world of digital commerce.

As Bitcoin continues to evolve, and as the blockchain sector eagerly awaits the approval of Bitcoin ETFs, opinions from prominent figures, such as the former president of PayPal, can have a significant impact on its global acceptance and usage.

In this regard, we see that Bloomberg analyst, Eric Balchunas, has reduced the chances of a rejection by the SEC for a Bitcoin spot ETF to 5%. 

In addition, he emphasized that only unforeseen events, such as interventions by Gary Gensler or the Biden administration, could lead to a denial.

Interestingly, over the weekend, while traditional markets were closed, cryptocurrencies continued to be traded normally. 

Bitcoin has recorded a modest variation between $43,500 and $44,400, showing a limited swing of 2%. At the moment, the main digital asset by market capitalization remains in the middle of this range, positioning itself at around $44,000.

Latest decisive updates for the approval of Bitcoin ETFs

As anticipated, the words of the former president of PayPal could not be more timely than at a moment like this, while the crypto community awaits the final decisions on Bitcoin ETFs by the SEC. 

In fact, investment management companies, stock exchanges, and the United States Securities and Exchange Commission (SEC) have begun the final stages of discussions on the approval of Bitcoin spot Exchange-Traded Funds (ETFs). 

Recently, the SEC held meetings to define the latest changes to the formulation of the necessary documents for these ETFs, a key step that could lead to the first US approval of such funds. 

The attention is focused on the documents of the S-1 prospectus, fundamental for each ETF, with issuers expecting final approval in the short term. 

The SEC has requested minor modifications to some requests, such as information on fees or the identity of market makers for ETFs, with updates planned for Monday. 

Optimism and uncertainty in the world of ETFs

On the other hand, the crypto community eagerly awaits the SEC’s decision, with analysts estimating a 98% approval.

This optimism stems from the active collaboration of the SEC with issuers to simplify details and structure the procedure for creating and redeeming ETFs. 

BlackRock, a leader in the financial sector, has submitted the fourth amendment to its application, preparing to launch its Bitcoin ETF with a $10 million investment.

The sentiment of investors has been influenced by the pending decision, causing volatility in the prices of Bitcoin and related ETFs. The fluctuation reflects both profit-taking after the significant gains of 2023 and uncertainty about the outcomes of the SEC. 

Analysts predict a possible increase in Bitcoin prices in the event of approval, while a rejection could cause a significant decrease, with issuers subject to stricter requirements.

At the same time, other regions, such as Hong Kong, are making progress in the spot Bitcoin ETF sector, following a more conventional regulatory approach. 

The Hong Kong Securities & Futures Commission has proceeded gradually, first issuing licenses for virtual asset management and then licenses for virtual asset exchange, countering the more dynamic and uncertain US landscape.