Should Bitcoin’s ETF Process Excite Investors?

Hello, I am Gökhan Timurhan. After my journalism career, I managed media and press processes in the defense industry at Turkish Aerospace Industries for approximately 6 years. Later I worked as PR manager at Binance Turkey and then worked as VP of Communications at US-based fintech company ZBD. During this year, I established the PRESULT PR and Communication agency and became its founding partner. I still serve as the co-founder of this agency; companies in technology, defense industry, crypto, web3 and blockchain I provide communication consultancy on issues. Today for webtekno I wrote down my thoughts about Bitcoin’s ETF approval process. Enjoyable reading.

In SEC post X on October 16, 2023 “Be careful what you read on the internet. The most important source that can provide information about the SEC is the SEC.” While everyone was waiting for the SEC to announce the ETF approval processes after the statement, SEC Chairman Gary Gensler’s announcement that the SEC had been hacked in the X account and that there was no process regarding the ETF created a cold shower effect in the crypto community.

First, let’s briefly summarize what Bitcoin ETF is:
Bitcoin (BTC) is the leading cryptocurrency by trading volume, and Exchange Traded Funds (ETFs) integrated into it can be traded on traditional exchanges. These ETFs can be used for buying, selling and trading, unlike cryptocurrency exchanges.

I had the opportunity to observe the activity and excitement of the crypto community before and after this announcement, especially as soon as it was on X.

Of course, it is not hard to understand the excitement surrounding the crypto community and ecosystem in recent weeks and the potential approval of the Bitcoin Exchange-Traded Fund (ETF), but as a person who continues to work with crypto communities and technologies I think this is not very important.

It is rumored that ETF processes will be approved this week. ETF approval is undoubtedly a notable milestone, but the crypto community is excited about this event. I believe that it should not be given excessive importance.

On the contrary, I see it useful to focus on adoption, which is actually the most difficult.

So actually Bitcoin and other crypto assets legitimacy It has already received broad support from millions of users and investors around the world. I think this is more important than anything else.

For this reason, I do not think it is right to consider the approval of only one regulator or one financial institution as a very important event. Blockchain technology decentralized structure, played a key role in transforming it into a globally recognized technology.

Trust and belief in cryptocurrencies has been developed by many communities that recognize the transformative potential of digital assets. Our country is among the countries leading this adaptation.

In summary, I would like the crypto community to tamp down their current ETF approval excitement, divert their attention, and focus on what cryptocurrencies have already established by their large and diverse user base. broader framework of legitimacy I think it is more important to see.

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