Bitcoin reborn as US and Russia go head to head!
A bitcoin trading system will be established

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Analysts: Bitcoin Spot ETF Could Be Approved as Early as Summer 2023

In a recent report, Bloomberg analysts James Seyffart and Eric Balchunas wrote that a bitcoin spot ETF could be approved as early as the summer of 2023, taking into account the US SEC’s proposed regulatory rule amendments to redefine “exchange”.

James Seyffart said cryptocurrency exchanges could be brought under the SEC’s regulatory framework if the SEC approves January’s proposed regulatory rule amendments to redefine “exchange”. “Once crypto exchanges are compliant, the SEC’s primary reason for refusing to approve a bitcoin spot ETF is no longer valid.”

Analysts say this amendment is likely to be adopted between November 2022 and May 2023, so the Bitcoin Spot ETF could be approved as early as before the summer of 2023.

At a video news conference on Thursday, the chairman of the Russian State Duma’s energy committee said Russia was willing to be more flexible on payment options when it came to friendly countries. Chairman Pavel Zavalny said buyers’ national legal tender - as well as bitcoin - were being considered as an alternative way to pay for Russian energy exports.

He said: “For a long time we have been proposing to Asia to convert to the national currency, the ruble, and actually Asian currencies for settlement. For Turkey, it will be the lira and the ruble.” He doesn’t stop at traditional currencies. He said, “You can also trade bitcoin.”

Bitcoin has risen nearly 4 per cent in the past 24 hours to about $44,000, with the price of the cryptocurrency soaring when his comments’ were first reported in the news.

The energy chairman also doubled down on Russian President Vladimir Putin’s pledge on Wednesday to require unfriendly countries to pay for gas in Russian rubles. Putin’s statement led to a spike in European gas prices, a move that people fear could add to already stressed energy markets.

He said, “If they want to buy, let them either pay in hard currency, which is gold for us, or pay on a convenient basis, which is the national currency.” His comments echoed the president’s warning the day before.

Although the US has banned imports of Russian oil as part of its response to the Russia-Ukraine war, sources said the EU is unlikely to follow suit given its heavy reliance on Russian energy, partly for heating homes in winter.

Coin Metrics co-founder Nic Carter said, “Russia is clearly looking to diversify in other currencies.” He said Russia had been preparing for this shift since it began selling all its US Treasuries in 2014.

He said, “But it was not fully prepared for the freezing of foreign exchange assets.” He is also a founding partner of Castle Island Ventures, an early-stage firm focused on cryptocurrencies. He said, “They have what the world needs. Russia is the world’s number one exporter of natural gas.”

Russia now appears to be seriously considering abandoning the use of the US dollar, potentially converting its energy reserves into hard assets that can be used outside the dollar system.

Putin has changed his attitude to Bitcoin. 2021, Putin said that while he believed Bitcoin had value, he did not believe it could replace the dollar in oil trading. Now, senior Kremlin officials are considering it as a form of payment for major exports. However, it is unclear whether Bitcoin’s relative lack of liquidity will be able to support international trade transactions on such a large scale.