secondary title
ofofETF
There are currently 10 Bitcoin-based ETFs in the U.S. market that are applying for establishment. The earliest one is likely to be at the end of April, and the SEC will make a decision of approval or rejection. Recently, the Bitcoin ETF launched in Canada has been warmly welcomed by the Canadian market. The current asset size of this ETF has reached 1.4 billion US dollars. It took this ETF less than two months to achieve this size. Such a scale is among the best among all ETFs. If Bitcoin-based ETFs are launched in the U.S. market, the amount of assets flowing into these ETFs will far exceed that of Canadian Bitcoin ETFs. In view of the development of encrypted digital assets, especially the attitude of the new SEC chairman towards encrypted digital finance, the applications for these bitcoin-based ETFs in the United States are likely to be approved. Therefore, a large amount of funds will flow to Bitcoin through these ETFs in the US market.
secondary title
DiemStablecoin Launch
secondary title
Major U.S. Banks Start Offering Bitcoin-Related Services
secondary title
Collective Participation of Insurance Companies
Recently, major insurance companies in the United States are jointly developing insurance products based on Bitcoin. These insurance companies include Mass Mutual, New York Life, Liberty Mutual and Starr. The importance of insurance companies participating in Bitcoin-related businesses is obviously not fully realized by the market.
Insurance companies are most concerned with the long-term stability of their assets. Because they need to have enough long-term financial preparations to deal with potential claims. If the funds they hold gradually decrease in the long run, this will definitely affect their long-term existence. Now, the massive issuance of US dollars is inevitably reducing the actual purchasing power of funds. Insurance companies collectively endorse Bitcoin, which shows how important they are to maintaining its long-term value.
secondary title
Development of Bitcoin-Based Payments
Due to the current price of Bitcoin is already very high, and the transfer cost on the existing network is still relatively high, so now payment based on Lightning Network has appeared. Such payment costs are very low, and the Bitcoin network can be directly used for more direct, simple and efficient payments. Strike is the development that has attracted the most market attention in this regard. Strike provides small payments on the Lightning Network, and can realize the connection with legal currency. This allows people in different regions to use Strike for convenient fiat currency transfers. The first test region for this application is now Salvador. It will be promoted in Europe and other places. Application promotion like Strike will increase the actual users of Bitcoin. The price of Bitcoin is very strongly positively correlated with the address on the network.
The development of terminals offering bitcoin payments is also very rapid. For example, Cash App in the United States supports small transfers between Bitcoin users. In addition to Cash App, other third-party payment and transaction terminals in the U.S. market have also begun to support Bitcoin buying and selling transfer services. Examples include PayPal, Robinhood, and Venmo. The support of these mobile terminals for Bitcoin will allow more users to use Bitcoin. This will directly promote the growth of the price of Bitcoin.
The above factors are some of the factors that are positive for Bitcoin in the near future. In the long run, the most fundamental factor that determines the price of Bitcoin is the market demand for it. It is estimated that there are currently 145 million users worldwide, and the number is growing by 2 million per week. It is estimated that by 2024, there will be 1 billion Bitcoin users worldwide. Bitcoin becomes a de facto currency when 1 billion users around the world use it to exchange value. The size of its market value can therefore also be judged.
