{"id":81455,"date":"2023-07-07T19:00:19","date_gmt":"2023-07-07T16:00:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81455"},"modified":"2025-09-11T22:57:22","modified_gmt":"2025-09-11T19:57:22","slug":"opinion-bitcoin-is-no-longer-considered-a-passing-fad","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opinion-bitcoin-is-no-longer-considered-a-passing-fad\/","title":{"rendered":"Opinion: Bitcoin is no longer considered a ‘passing fad’"},"content":{"rendered":"

The participation of major investment firms in the race to launch the spot bitcoin-ETF<\/a> demonstrates that the leading cryptocurrency is no longer a “passing fad”. This was stated by Grayscale Investments CEO Michael Sonnenshein, The Block<\/a> reports.<\/p>\n

According to him, market participants are “responding positively to the entry of traditional financial institutions into Bitcoin.” The trend lends it additional value, the head of the company added.<\/p>\n

\n

“Recent news … underline the resilience of this asset class in a broader sense, and many investors view [digital gold] as a unique investment opportunity,” added Sonnenshein.<\/p>\n<\/blockquote>\n

On June 15, BlackRock submitted<\/a> a SEC<\/span> filing for a spot Bitcoin-ETF. Following the financial giant, similar requests came from Valkyrie<\/a>, Fidelity Investments<\/a>, WisdomTree and Invesco<\/a>.<\/p>\n

In the list of applications to the Commission ARK Invest and 21Shares have priority<\/a> based on when they were filed.<\/p>\n

Subsequently, the aforementioned revised proposals<\/a> were sent to the agency, taking into account the Commission’s criticisms<\/a> of the so-called joint surveillance agreement<\/a> or details of this mechanism. The latter became a key addition to BlackRock’s application.<\/p>\n

Against this backdrop, Grayscale Investments’ GBTC<\/span> rose by 57%, the discount to NAV<\/span> narrowed from 41.7% to 29.3%.<\/p>\n

In 2021 the SEC approved ProShares and Valkyrie Investments products based on Bitcoin futures on the CME<\/span>. To date, the Commission has rejected all spot-based ETF proposals for digital gold.<\/p>\n

In October 2021 Grayscale filed a request<\/a> to convert GBTC into an exchange-traded fund. On December 17 the agency delayed<\/a> ruling on the petition to February 2022. On June 30 Grayscale filed a lawsuit against the SEC<\/a> following a negative response.<\/p>\n

Earlier, the company suggested that the Commission may have violated the Administrative Procedures Act in approving a futures-based Bitcoin ETF while rejecting spot-based applications.<\/p>\n","protected":false},"excerpt":{"rendered":"

The involvement of major investment firms in the race to launch a spot Bitcoin ETF demonstrates that the leading cryptocurrency is no longer a ‘passing fad’.<\/p>\n","protected":false},"author":1,"featured_media":81456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,943,1138,1211],"class_list":["post-81455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-grayscale-investments","tag-opinions","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"6","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81455"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81455\/revisions"}],"predecessor-version":[{"id":81457,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81455\/revisions\/81457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81456"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}