From the potential for worldwide domination of cryptocurrency to the verdict on nine Bitcoin ETFs, here’s a look at some of the stories breaking in the world of crypto.
The Crypto Revolution
In a new interview with Naomi Brockwell, ShapeShift CEO Erik Voorhees calls government fiat a “scam”, and says he expects crypto to take over the world. “I mean, I felt like it always had a significant potential to take over the world, and I still do. I think it is going to replace government fiat over time as people realize there is an alternative to that scam.In some ways I feel like it’s inevitable, and in other ways I feel like it only happens if a bunch of people make it happen. So I’ve dedicated my life to projects in the space and helping the piece of it that I can to grow. And it’s certainly come a hell of a long way. Every financial institution in the world is watching it. Every government is somewhat bothered and a little nervous about it. Tens of millions of people have used it. Most people in the developed world have heard of this at this point. So yeah, it has made huge progress.There’s still a really long way to go, but it has a far higher chance of actually taking over the world today than it did certainly when I got started.”
The US Securities and Exchange Commission is expected to reveal its decision on nine Bitcoin ETFs on Monday. The proposals include two ETFs from ProShares, five from Direxion and two from GraniteShares. The agency initially rejected the proposals, but then decided to have the full commission take a closer look.