Barely a month after the bitcoin ETF was rejected by the Securities Exchange Commission, new reports indicate that the SEC has gone back to negotiate over the matter; and it is likely that this time round, the bitcoin ETF will be green-lighted!
Two guys are the forefront of this ETF war; Cameron and Tyler Winklevoss, owners of the bitcoin exchange GEMINI, who have been steadfast in their rally for bitcoin to enter securities.
When the SEC first rejected ETF application, it cited concerns about network security and insufficient infrastructure to support the technology, all of which are misleading.
For one, the bitcoin network is markedly secure, with block listings getting published every ten minutes. And when it comes to infrastructure; Blockchain is far superior to all combined systems within the finance industry.
Politics is the sole reason why the SEC wears a frown against the digital currency market.
They seem to think that bitcoin poses a risk over the autonomy of government-backed currency.
Which is not true at all; in fact, bitcoin may aid in the recovery of the bogged down economy, considering its non-discriminative quality that promotes global markets.
The bitcoin community is hopeful that the SEC will approve the ETF this time round.
So what would that mean?
It would mean more gains in bitcoin value, the mainstreaming of the bitcoin, and also it would see a new wave of mass interest about digital currencies.
Are digital currencies the future?
In the future, fiat money is going to be hard to depend on, especially since the creators are wont to clash over main policies.
Well, I think that it is a long way ahead before digital currencies can take over from fiat money.
But at present, for the good of both sides, the two need to coexist!
In other words, what we are going to see in the immediate future, is a co-dependent relationship between fiat currencies and digital money, and in the long run, we are gonna scale full on into digital money (at that time, even humans might have come to possess cyborg DNA?)