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Investing in cryptocurrencies while waiting for ether ETF approval
After the bitcoin spot (BTC-USD) ETFs have proven their mettle on Wall Street this year, the Securities and Exchange Commission (SEC) may now consider approval of an ether(ETH-USD) ETFs. Yahoo Finance contributor and founder of Maconomics Ross Mac talk about greater accessibility of cryptographic resources to more traditional investors who wish to gain exposure to digital assets.
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This post was written by Luke Carberry Mogan.
Video transcription
Cryptocurrencies have surged in the past 24 hours amid speculation that the SEC may soon approve Ether Exchange Traded Funds, or ETS for short. For more on why this could be good for your cryptocurrency portfolio, Ross, Yahoo Financial Contributor Mac Ross.
Take it away, Brad.
Thanks for having me.
Look, when all is said and done, this is overall great for the industry, right?
We’re talking that it will break it much more safely.
Obviously it’s more regulated but not only that, right?
It’s actually making it more accessible for the average investor, right?
We’re not talking about having to open another account.
Uh We’re not talking about having to get a digital wallet or even a ledger.
Now, we don’t want to confuse people that if you were the custodian and actually held your assets, put them on a register.
We’re also talking about making the overall asset class much more legitimate.
Right now, regulatory bodies are actually involved.
What does he do?
It actually gets us past that dark cloud from the sandbar of free air and a lot of other, you know, unfortunate cases that we might have, right.
We’re talking about bringing big, big asset managers into the space, whether we’re talking about Fidelity or Blackrock.
Right.
I think this form of legitimacy will bring a certain level of stability to the overall market.
And we have also improved liquidity.
Right?
I think when you have these big asset managers just long term, we may not do that.
And obviously, I don’t know, you know, I don’t have a crystal ball, but I don’t think we’re going to see those big 40-50% swings in a month like we once saw in the past.
And uh when it comes to, you know, the rumors, when it comes to Ethereum now being approved to actually have a place, the Ethereum ETF is phenomenal for the Ethereum asset class in general, as well as for all the people who have been champions of Ethereum for quite some time.
Because if we look at history and actually look at what happened with Bitcoin and all the rumors about the approval of the 11 ETS.
The story continues
Well, guess what, Bitcoin actually recovered well, up to that point.
And I think this is obviously a rumor, a sell-off kind of news where I think that, you know, over the next month or so, we should potentially see Ethereum overtake some of the other cryptocurrencies.
Ross, thanks so much, keep an eye out for some of the latest crypto ETFs to discuss and potentially get the green light here.
A thousand thanks.
My boyfriend.