ETF: Yay or Nay👍🏻👎🏻
ETF: Yay or Nay👍🏻👎🏻
Who's skeptical about US Bitcoin ETF in 2024? Visa launches user-friendly Web3 loyalty rewards. Logan Paul's paying back. ECB invests in developing a digital euro. Binance invests in MEME token.
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Another day, another poll.
Bitwise poll: this one is on Bitcoin ETFs.
What's important? Only about 39% of financial advisors, out of 437 polled by Bitwise, think a Bitcoin ETF will happen in the US in 2024.
That's not a lot of confidence, right?
Longer-Term Outlook
22% predict approval in 2025.
24% anticipate it after 2025.
2% wrongly predicted approval in 2023.
87% believe an ETF will eventually be approved.
12% think it will never happen.
But, 88% of advisors interested in Bitcoin for their clients are waiting for an ETF to become available.
About 60% of respondents noted clients are exploring crypto outside of their advisory relationships.
The percentage of clients allocating funds to crypto decreased slightly, down to 11% in 2023 from 15% in 2022 and 16% in 2021.
The survey included registered investment advisers, financial planners, institutional investors, and wirehouse representatives.
But wait...
Bloomberg analysts believe there's a 90% chance
Polymarket traders also express an 89% chance that the SEC will approve one or more Bitcoin ETFs by January 15.
What could happen?
Despite changes, there's still a chance the SEC could deny the ETF, citing concerns about market manipulation due to Bitcoin's global, decentralized nature - This could lead to significant market turmoil.
Read this: Bitcoin's Peekaboo 🙄
“If the ETF doesn't get approved, I anticipate it would be a significant letdown for the market," said Martin Leinweber, a product strategist at MarketVector Indexes.
If approved: The first US spot Bitcoin ETF, would be a significant milestone for crypto investors. It could lead to a surge in prices as well, as everyone predicts:
Read this: Happy 2024?🥳
Concerns for Futures Funds: The anticipated approval of a spot Bitcoin ETF raises questions about the future of futures-based crypto ETFs, holding around $2 billion in assets.
“The futures-based ETFs offer a different risk profile and comply with different regulatory standards,” ... “Even with the introduction of spot ETFs, futures-based ETFs will continue to have appeal, especially to institutional investors.” - Markus Kraus of Trading Verstehen.
Read this: 2024 Crystal Ball🔮
Lackluster Performance:
Short-term Outlook: Initial capital inflows into Bitcoin ETFs may be dispersed across multiple ETFs, potentially leading to underwhelming initial performance.
Long-term Prospects: Over time, the ETFs are expected to attract significant investment, with demand for these products steadily growing.
Despite varying possibilities, there’s a consensus on the eventual success and demand for Bitcoin ETFs in 2024.
Bloomberg analyst James Seyffart's bet
“The SEC is either going to have to come up with a new reason. [...] Because you’ve been denying these ETFs for all these reasons. Courts said those reasons don’t matter anymore, and now you’re coming out with new reasons. [...] I don’t think that’s an option for the SEC.
"The other option is get them to withdraw, in which case, again, I don’t think that’s likely because the SEC is backed into a corner here. I think they have to approve.”
“And then the third option, which is the one I’m kind of worried about at the back of my mind, is like somebody going nuclear. Like Gary just kind of doing, I guess denying would be going nuclear. [...] Which I don’t think that’s going to happen either. This is a super huge tail risk event.”
TTD Visa 🏧
Visa's rolling out a web3 loyalty rewards program, partnering with SmartMedia Technologies.
What's in It for You? It offers digital wallets for collecting tokenised tickets, loyalty coins, digital collectibles, and other perks.
No need to be a blockchain whiz to get in on this. Visa's keeping it super user-friendly.
SmartMedia, known for collaborations with American Express and other major brands, is powering Visa's web3 platform.
Several brands are adopting Web3 elements for loyalty programs
Starbucks Odyssey: Offers digital collectible stamps (NFTs) for purchases, granting exclusive access to experiences and events.
Nike: Rewards users on NIKELAND in Roblox with tokens for digital apparel and brand experiences.
Dolce & Gabbana: Links NFTs with physical purchases for exclusive content and events.
GameStop: Integrates loyalty program with Gods Unchained, offering NFT trading cards and in-game benefits.
MasterCard: Partnered with MoonPay, a cryptocurrency and NFT payments app, to explore the potential of Web3 and build consumer loyalty.
American Express: Testing NFT rewards for select cardholders.
Sephora: Collaborating with VeChain for an NFT beauty product line with loyalty benefits.
MLB: Launching NFT-based ticketing for select teams.
TTD Logan Paul 🙋🏼
Logan Paul, the social media influencer, announced a buy-back program for CryptoZoo NFTs, committing over $2.3 million to reimburse victims.
Promises to buy back Base Egg and Base Animal CryptoZoo NFTs at initial purchase price, in a long X post:
Paul filed a countersuit against two CryptoZoo co-creators, alleging “nefarious trading activity.”
The refund initiative excludes buyers of the CryptoZoo game's Ethereum-based token, ZOO.
Read this: Logan Paul and Coffeezilla Showdown
Read This: TTD Refund
Background of CryptoZoo: The project, announced nearly three years ago, failed to materialise, leading to buyer discontent.
Legal Allegations Against Co-Creators:
Paul accuses Eduardo “Eddie” Ibanez and Jake “CryptoKing” Greenbaum of internal sabotage and theft.
An investigation involving blockchain examination prompted the countersuit.
Class-Action Lawsuit Involvement: A trader filed a class-action lawsuit against Paul and other CryptoZoo affiliates in February 2023, alleging a “rug pull” scam.
Paul's Defense: He claims his role was primarily promotional, denying allegations of fraud and other charges in the class-action lawsuit.
Paul accuses Greenbaum of secretly creating a ZOO token liquidity pool, leading to a market cap drop.
Greenbaum denies the allegations, suggesting Paul manipulated his audience.
Former CryptoZoo developer Zach Kelling claims non-payment for work, contributing to the project's halt.
Where’s ETF? 🚨
Grayscale, Ark Investments, Valkyrie, VanEck, and Fidelity have filed Form 8-A, indicating progress towards potential spot bitcoin ETFs👇🏻
TTD CBDC 🪙
The European Central Bank (ECB) is set to invest €1.3 billion in developing a digital euro - its CBDC.
Plans to collaborate with private sector partners on five major initiatives for the digital euro project.
Developing offline payment solutions is prioritised with a budget of €662 million.
Risk and fraud management allocated €237 million.
The project focuses on offline solutions and fraud management.
Despite progress, the ECB has not fully committed to launching the development work listed.
Potential Candidates for Contracts: Established CBDC tech providers, global financial consultancies, Big Tech firms, and specialised software companies are expected to apply.
In 2022, the ECB selected partners including Amazon, criticized for its data protection practices in Europe.
TTD Binance 🔶
Binance has just dropped some cash into Memecoin (MEME)!
The right time to do it.
Read this: BONK Fest 🎉
MEME is native token of Memeland, a Web3 venture studio of the popular meme platform 9GAG.
Dedicated to building and investing in SocialFi and creator economies, Memeland aims to connect creators and communities using the MEME token and NFTs.
MEME powers the NFT ecosystem of Memeland.
Leverages 9GAG's 200 million monthly users and the team's 15+ years of experience in community-based product development.
Memeland offers MEME Farming and plans to introduce NFT staking, community-centric social networks, and liquid ETH staking.
The goal is to evolve into a decentralised, community-driven platform governed by a DAO, with NFT holders playing a crucial role.
TTD Surfer 🏄
Gamma Strategies is attempting to negotiate with the hacker who stole $3.4 million in digital assets in order to recover the funds.
South Korea's Financial Services Commission (FSC) is seeking to ban the use of credit cards for purchasing cryptocurrency.
Franklin Templeton-backed Receipts Depositary Corporation (RDC) to launch a bitcoin-based security product that is exempt from SEC registration.
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