Will Traditional Finance Change Bitcoin? - COINTURK NEWS
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Will Traditional Finance Change Bitcoin?

1:13 pm (57 days ago)
October 11, 2023

Arthur Hayes, the co-founder and former CEO of leading cryptocurrency trading platform BitMEX, expects asset management giant BlackRock’s entry into the Bitcoin (BTC) market to fundamentally change the largest cryptocurrency.

“Traditional Finance Can Change Bitcoin”

During an interview with Tom Bilyeu, Arthur Hayes made significant remarks, stating that like other investors, he expected the US Securities and Exchange Commission (SEC) to approve a spot Bitcoin exchange-traded fund (ETF). Hayes added that the launch of such an investment product would increase the flow of money into the cryptocurrency market, but also expressed concern about the potential impact of traditional finance on the industry.

Hayes, known for his striking predictions, emphasized that the real problem that the cryptocurrency market would face in the future is this, and said the following:

Essentially, this decentralized asset management companies, which are the arms of the traditional finance (TradFi) ecosystem, will embrace Bitcoin as a value and currency so much that it can change what Bitcoin is and its underlying fundamentals.

With the support of BlackRock, perhaps through different types of improvements with the support of investors and large mining companies, the immutability of money, resistance to censorship, or decentralization can be reduced.

Waiting Continues for Spot Bitcoin ETF

SEC postponed its decision on multiple ETFs, including BlackRock’s spot Bitcoin ETF, at the end of September. After this delay, the US federal regulatory agency needs to announce its final decision for spot ETFs awaiting approval in the first quarter of 2024.

Bitcoin, which rose with the hype following spot Bitcoin ETF applications from giants like BlackRock, has turned downwards as the possibility of SEC approving a spot Bitcoin ETF by the end of the year decreases. The largest cryptocurrency Bitcoin is trading at $27,286 with a 1.43% decrease in the last 24 hours. Market experts warn that Bitcoin’s price could make a new bottom.

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