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On January 27, Andy Bromberg, CEO of the cryptocurrency venture capital firm Beam, discussed his views on recent developments in the crypto market, especially the approval of a Bitcoin spot ETF, on the CNBC program.
Bromberg acknowledged that the approval of a Bitcoin spot ETF in the United States is beneficial for the crypto market, as it exposes more people to the technology and expands its audience. However, he expressed concerns that these ETFs might deviate from the core principles of cryptocurrency, especially the principles of self-custody and financial autonomy.
Despite his concerns, Bromberg hopes that these Bitcoin spot ETFs can serve as an entry point for people to become interested in cryptocurrencies, guiding them to explore and eventually adopt this technology in a manner more consistent with its core principles.
Bromberg emphasized the need for the crypto industry to develop products suitable for mainstream consumer use. He believes that these products should cater not only to native crypto individuals but also to those who may initially encounter cryptocurrencies through ETFs. He urged investors in Bitcoin spot ETFs to maintain curiosity about the asset class and the technology behind it, hoping they would explore opportunities beyond financial investments.
Bromberg pointed out that Bitcoin spot ETFs contribute to increased market liquidity, making the system more efficient. He believes that, in the long run, this has structural benefits for Bitcoin. He also expressed hope that spot ETFs for other cryptocurrencies would eventually be approved.
Additionally, Bromberg holds an optimistic outlook for the future of on-chain payments, especially for cross-border transactions. He believes recent innovations, including stablecoins and technologies enabling low-cost, fast transactions, empower the industry to have a significant impact on the payment sector.
Regarding the price volatility of Bitcoin after the approval of spot ETFs, Bromberg acknowledged market fluctuations but noted that the current price is still higher than six months ago. He emphasized that market reactions to news and events are unpredictable. |
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Post time 10-2-2024 06:35:29