Ethereum co-founder Vitalik Buterin Tweeted out his critique of those focusing too much on ETF approval, pointing out the accessibility of purchasing cryptocurrency should be focused on to promote ”actual adoption”.’
I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
— vitalik.eth (@VitalikButerin) July 29, 2018
His Tweet cites specifically ”making it easier for people to buy USD 5 to USD 100 in cryptocurrency via cards at corner stores” as the more important task for the cryptocurrency community while saying ETFs would be better merely for pumping the price rather than increased adoption.
The statement received mixed reactions from the crypto-Twittersphere.
One user disagreed with the necessity of using cryptocurrencies for everyday transactions, saying that fiat currencies work perfectly well for that. Another argued that being paid in cryptocurrency would be a more effective way of spurring adoption than being able to purchase small quantities easily with fiat.
Largely, the sentiment online appeared at odds with Buterin’s statement, either championing the benefits of ETF approval or critiquing the use of cryptocurrency payments for everyday purchases and arguing this should not be its primary use.
Circle co-founder and CEO Jeremy Allaire said recently that a significant catalyst for the industry and cryptocurrency adoption has been the development of hundreds of thousands of blockchain-backed dApps, frequently created by companies that operate with their own tokenized ecosystem.
Will we see ETF approval?
The US Securities and Exchange Commission’s (SEC) recent clarification that neither Bitcoin nor Ethereum were securities has been welcomed by the majority of cryptocurrency users, who believe this is a positive indication that an ETF may be approved.
However, the SEC cited several issues that meant it could not approve the Winklevoss twins’ ETF proposal for the time being. These problems primarily include the threat of price manipulation of the market, hence an inability to protect investors, as well as the issue that most Bitcoin trading is done overseas with no regulatory oversight.
If the market becomes regulated to the SEC’s standards, it has said it would consider approving a Bitcoin ETF, although it seems very unlikely that standardized regulations could be adopted globally by governments. As well as this, most Bitcoin exchanges would not give the SEC all of their private information as requested, particularly the most prominent exchanges which are not based in the US.
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