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“I guess ETF is a big deal in the US, but not elsewhere,” Changpeng ‘CZ’ Zhao

5M ago
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The Bitcoin ETF mania has swept over the decentralized financial industry, and one of the crypto bigwigs has something to say about it. Changpeng “CZ” Zhao, the CEO of Binance, has been an influential figure in crypto and the DeFi ecosystem, and his thoughts on a Bitcoin exchange traded-funds should be taken into account.

While Crypto exchange traded-funds have gained significant popularity in US financial markets, the concept is not as widespread in other areas of the world. CZ reposted a tweet on X with a global focus on the global ETF industry. “I guess ETF is a big deal in the US, but not elsewhere.”

What does CZ’s take mean to and for crypto investors who have banked their investments on the probability that the United States SEC will approve BTC ETFs in the country?

CZ weighs in on the Bitcoin ETF craze

By the look of things, the crypto bull rally is here without a shadow of a doubt. Many in the market have attributed the crypto market recovery to the Bitcoin and Ethereum exchange traded-funds filings with the United States Securities and Exchange (SEC).

At the time of writing, Bitcoin’s price stands at $37,035. According to CoinGecko, the global crypto market cap today stands at $1.47 Trillion. BTC’s market cap stands at $723 Billion, representing a Bitcoin dominance of 49.34%. Meanwhile, Stablecoins’ market cap stands at $127 Billion, representing an 8.67% share of the total crypto market cap.

As American crypto investors root for BTC exchange traded-funds, the rest of the world is not sold out. Here’s the data. According to recent research on the French population’s investing habits, about 25% have some type of investment. 

Notably, a bigger proportion of French people own cryptocurrencies than equities or exchange-traded funds (ETFs). According to the report, 9.4% of questioned French investors own cryptocurrency, compared to 7.3% who own equities and 2.4% who own exchange traded-funds.

This figure means that they own crypto at least 4.5 times more than ETFs. This reduced interest in ETFs among French investors has spurred diametrically opposed opinions regarding exchange traded-funds appeal among Americans. 

This is not only the case among French investors but also Filipino market investors. One X user tweeted, “Similar situation in the Philippines.” As it stands, only 2% of Filipinos own stocks. In addition, 5% own crypto.

What’s the future of Bitcoin ETFs?

According to reports, Bitcoin exchange traded-funds will add billions to the crypto market. Investors outside of America stand to benefit indirectly from the ETFs. According to CZ, ETFs are a significant deal in America, unlike in other parts of the world, as evidenced by French and Filipino investors.

Some crypto devotees explained why, in contrast to other jurisdictions, a Bitcoin ETF may be a major thing for Americans.

They claim that trillions of dollars are locked up in US financial institutions. As a result, experts contend that an ETF is an appropriate avenue for a portion of these massive funds to enter the crypto market, ultimately benefiting Bitcoin and the broader crypto market.

It’s worth noting that US-based financial behemoths like BlackRock and Fidelity have Bitcoin ETF applications on the table. Last month, a false report regarding the approval of a Bitcoin exchange traded-fund drove BTC into the $30k range after it had been stuck in the $26k range for several weeks. 

Recently, BlackRock’s proposal for an exchange traded-fund based on the second largest crypto, Ethereum (ETH), pushed the price of ETH past $2,100.

5M ago
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