Beam CEO: Bitcoin spot ETF may deviate from the core concept of cryptocurrency, but it can attract more users

Andy Bromberg, CEO of cryptocurrency venture capital firm Beam, discussed his views on recent developments in the crypto market on CNBC, specifically regarding the approval of a Bitcoin spot ETF. Bromberg admitted that the approval of a Bitcoin spot ETF in the United States would be beneficial to the crypto market because it exposes more people to the technology and expands its audience. However, he expressed concern that these ETFs may depart from the core concepts of cryptocurrencies, particularly the principles of self-custody and funding autonomy. Despite his concerns, Bromberg hopes these Bitcoin spot ETFs can serve as an entry point for people interested in the cryptocurrency, leading them to explore and ultimately adopt the technology in a way that is more consistent with its core philosophy. Bromberg emphasized the need for the crypto industry to develop products suitable for mainstream consumer use. He believes these products should cater not only to crypto-native individuals, but also to those who may have been initially exposed to cryptocurrencies through ETFs. He urged investors in Bitcoin spot ETFs to remain curious about the asset class and the technology behind it, hoping they would explore more deeply other opportunities (beyond financial investments). Bromberg noted that a Bitcoin spot ETF would help increase market liquidity, making the system more efficient. He believes that this will be structurally beneficial to Bitcoin in the long run. He also expressed hope that spot ETFs for other crypto assets will eventually be approved. Additionally, Bromberg is optimistic about the future of on-chain payments, especially for cross-border transactions. He believes that recent innovations, including stablecoins and technology that enable low-cost, fast transactions, have given the industry the ability to have a significant impact on the payments industry. In response to the volatility in Bitcoin prices following the approval of the spot ETF, Bromberg acknowledged the market's volatility but noted that current prices are still higher than those six months ago. He said the market's reaction to news and events is unpredictable. (Cryptoglobe) According to previous news, the non-custodial payment system Beam announced the acquisition of the stablecoin shopping platform Join, and stated that it will promote the adoption of on-chain payment shopping through this acquisition.