[ad_1]
BitMEX co-founder Arthur Hayes believes that Hong Kong’s entry into the spot crypto ETF industry could have important repercussions in the context of the US-China economic struggle. Hayes emphasized his excitement for this battle, stating that it might benefit Bitcoin in the long run.
He noted that, just as the United States has BlackRock, its proxy asset manager, releasing a cryptocurrency ETF, China requires its proxy asset manager to develop and launch one as well. This rivalry between the two economies is likely to drive innovation and acceptance in the cryptocurrency industry, resulting in a more favorable climate for cryptocurrencies such as Bitcoin.
Read Also: Ethereum Soar Close To $1,900
The prospective launch of spot cryptocurrency ETFs in Hong Kong has piqued the interest of many, who see it as a message to the US Securities and Exchange Commission (SEC). According to Coin Bureau, the SEC may face increased pressure as other countries, such as Hong Kong, embrace the concept of a spot Bitcoin ETF.
This action sends a clear message to the SEC that if it continues to impede capital market innovation in the United States, other countries will step in to fill the hole.
ETF Opportunities In The Crypto Space
Lark Davis, a crypto influencer, also commented on the news, emphasizing the interest of Chinese investors. The effort by Hong Kong to potentially sell spot Bitcoin ETFs demonstrates that the Chinese government does not want to miss out on crypto prospects.
While both Hong Kong and the US have allowed crypto ETFs connected to futures contracts, none has approved a spot crypto ETF. A spot Bitcoin ETF, as opposed to futures-based Bitcoin ETFs that track futures contracts to duplicate BTC prices, directly owns Bitcoin, allowing investors to get exposure to the actual commodity.
[ad_2]
