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Bitcoin could bring “substantial change” to many people disillusioned with current politics, says expert
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Bitcoin and the cryptocurrency industry have become major topics in this year’s US presidential election. For many people disillusioned with current politics, Bitcoin could bring substantial change, according to Raphael Zagury, Chief Investment Officer at Swan Bitcoin, a Bitcoin investment platform.
“It all started with senators talking about bitcoin. Then we had more people talking about it. And now we have Trump coming, and it was a surprise to most people, even some of us who have been in Bitcoin a long time, to hear him say the good things that he’s done,” declared Zagury at Market Domination Overtime hosted by Yahoo Finance reporter Julie Hyman on Sunday.
“For people who are very disillusioned with a lot of things that are happening in politics, this could be a very substantial change,” he added.
Initially, the idea of Bitcoin being discussed in presidential debates was considered unlikely, according to Zagury. However, things have changed. Discussions about Bitcoin started with senators and grew to include figures like Trump.
Trump’s positive position on Bitcoin and the cryptocurrency industry surprised many within the Bitcoin community, even longtime Bitcoin enthusiasts, the expert noted.
Zagury also believes it approval of spot Bitcoin exchange-traded funds (ETF) in the United States was a key development. According to him “all ETFs should be approved”.
“The bottom line from all of this is that we’re getting a lot of things that, you know, we’ve been looking for for a long time, which is getting more support, more clarity on…how you should hold Bitcoin, how you can wrap it,” he explained.
Zagury’s remarks came ahead of the spot launch of the Ethereum ETF in the United States. Seven ETF issuers filed their amended S-1 filings on Friday, setting the stage for a potential launch soon.
Bloomberg ETF analyst Eric Balchunas recently he reiterated his prediction that July 2 would be the provisional date for the commercial debut.
The recent S-1 filings have also sparked discussions about competition between companies on sponsor fees, with BlackRock’s undisclosed fee being a particularly anticipated detail. Balchunas expects BlackRock’s fee to be less than 0.30%.
According to the document, Franklin Templeton will charge a management fee of 0.19%, but will waive the fee for the first $10 billion invested for six months. Meanwhile, VanEck will charge 0.20% fees, but will waive the fee for the first $1.5 billion invested.
In addition to fee disclosure, initial investment is one of the main highlights of the S-1 amendments.
Fidelity revealed that FMR Capital invested $4.7 million purchasing 125,000 shares at $37.99 per share on June 4.
BlackRock previously announced it had received $10 million in seed funding.
Invesco Galaxy and Grayscale also revealed seed investments of $100,000 each for their respective Ethereum ETFs.
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