Institutions will accelerate BTC adoption; fund companies prepare for SEC rejection of ETFs

Headline

▌SkyBridge Capital founder: institutions will accelerate Bitcoin adoption in the coming quarters

Anthony Scaramucci, founder of SkyBridge Capital, believes that institutions have begun to fully adopt Bitcoin and will rapidly accelerate in the coming quarters, with major financial institutions and pension funds becoming increasingly accepting of Bitcoin. He pointed out that Wisconsin recently announced an investment in Bitcoin and hinted that other pension funds may follow suit. He attributed the growing institutional interest in Bitcoin to regulatory approval, which solves a key obstacle facing large institutional investors.

▌Bloomberg: Several fund companies are ready for the US SEC to reject the Ethereum ETF

According to Bloomberg, the US Securities and Exchange Commission is expected to decide whether to approve the first batch of Ethereum-based exchange-traded funds (ETFs) on May 23 local time. Most market participants and fund managers expect that the regulator will not approve it and are ready for the US SEC to reject the Ethereum ETF. These fund companies revealed that they have had private dialogues with the US SEC and feel that the regulator's attitude is quite different from the approval of the spot Bitcoin ETF in January.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $66958.72, with a daily increase or decrease of +0.16%;

ETH's latest transaction price is $3120.33, with a daily increase or decrease of +0.9%;

BNB's latest transaction price is $580.74, with a daily increase or decrease of +0.5%；

SOL's latest transaction price is 173.54 US dollars, and the intraday increase or decrease is +1.90%；

DOGE's latest transaction price is 0.1527 US dollars, and the intraday increase or decrease is -0.5%；

XPR's latest transaction price is 0.5216 US dollars, and the intraday increase or decrease is -0.16%.

Policy

▌Hong Kong Legislative Council Member Chan Chun-ying: Digital RMB helps Hong Kong accumulate experience in managing cryptocurrencies

Hong Kong Financial Legislative Council Member Chan Chun-ying said that Hong Kong launched digital RMB services and became the first offshore market to participate in practical applications. After stable operation, it can be gradually extended to other offshore markets. It is believed that it will help Hong Kong accumulate experience in managing cryptocurrencies and be more confident in launching digital Hong Kong dollars in the future. The Hong Kong Monetary Authority stated that Hong Kong is the first region outside the Mainland where local residents can open digital RMB wallets.

▌Venezuela plans to disconnect Bitcoin mines to prevent power outages

According to Bitcoin News on X, the Venezuelan government claimed that they plan to disconnect all Bitcoin mines because the mines have high electricity consumption, resulting in frequent power outages in surrounding areas. The Ministry of Electricity and Energy said the action would prevent power outages and ensure reliable service for all Venezuelans.

Blockchain Application

▌Shanghai launches the first batch of blockchain innovation application scenarios for state-owned enterprises

With data as the core element, Shanghai is accelerating the pace of promoting the deep digital transformation of state-owned enterprises. Recently, the Shanghai State-owned Assets Supervision and Administration Commission and the Shanghai Municipal Data Bureau held the 2024 Shanghai State-owned Assets Supervision and Administration Commission System Enterprise Digital Transformation Work Conference. At the meeting, Shanghai Data Group, Shanghai Trading Group, China Pacific Insurance, Pudong Development Bank, Guotai Junan, Shanghai Construction, Bright Food Group, and Tunnel Group officially launched the first batch of blockchain innovation application scenarios.

▌Memeland: Officially launches Web3 game protocol MON Protocol

On May 18, Memeland posted on the X platform that the MON Protocol on Stakeland is building the Nintendo of Web3, publishing and developing blockchain native IP and games. It was launched at the same time as the internally developed monster collection IP game Pixelmon, and is the preferred game publisher for ecosystems such as @Solana, @Aptos and @Immutable. Subsequent MEME token staking will begin on Monday, May 20, 2024.

▌Vitalik: Ethereum does not have any culture of trying to stop people from speaking their minds

Ethereum founder Vitalik Buterin said that Ethereum does not have any culture of trying to stop people from speaking their minds, even if they have very negative feelings about the main things in the protocol or ecosystem, and I am very proud of it. Some people regard the ideal of "open discussion" as a banner, while others take it seriously.

Cryptocurrency

▌The Hong Kong Monetary Authority is working with the Mainland to study the technical arrangements for P2P transfers of digital RMB

The Hong Kong Monetary Authority yesterday expanded the cross-border pilot of digital RMB in Hong Kong. David Lee, deputy chief executive of the HKMA, pointed out that the digital RMB wallet is not an ordinary electronic wallet. This is equivalent to everyone holding RMB cash. It can only be used for retail payment purposes at present, and cannot be used for transfers between individuals (ie P2P). Bao Keyun, assistant director (financial infrastructure) of the HKMA, said that if P2P transfers are to be implemented in the future, the prerequisite is to implement real-name authentication arrangements. In addition, there are other regulatory considerations. The HKMA and the Mainland are working on relevant technical arrangements.

▌SkyBridge Capital founder: institutions will accelerate Bitcoin adoption in the coming quarters

SkyBridge Capital founder Anthony Scaramucci believes that institutions have begun to fully adopt Bitcoin and will rapidly accelerate in the coming quarters, with major financial institutions and pension funds becoming increasingly receptive to Bitcoin. He pointed out that Wisconsin recently announced an investment in Bitcoin and hinted that other pension funds may follow suit. He attributed the growing institutional interest in Bitcoin to regulatory approval, which solves a key obstacle facing large institutional investors.

▌SEC policy director resigns, SEC expected to remain skeptical of cryptocurrencies

On May 18, the U.S. SEC announced in a statement that Heather Slavkin Corzo, a well-known critic of cryptocurrency, will resign from her position as policy director. SEC Chairman Gary Gensler appointed Corzo in April 2021. During his tenure, Corzo played a key role in implementing market fund reforms, accelerating securities settlement cycles, and strengthening corporate disclosures of cybersecurity incidents. These measures have been praised for strengthening investor protection and simplifying the capital formation process. SEC Financial Advisor Corey Klemmer will succeed Corzo, and the SEC is expected to remain skeptical of cryptocurrencies.

Important Economic Dynamics

▌BlackRock-related people: interest rate hikes may make it more difficult for the Federal Reserve to achieve its 2% inflation target

Golden Finance reported that Rick Rieder, who is responsible for global fixed income and global asset allocation at BlackRock, pointed out that although the CPI index performed well this week and inflation may be falling, he believes that this is the golden age of fixed income, not because interest rates will fall, but because you can get a lot of returns in your portfolio. At the same time, ironically, he wondered whether continued high interest rates would make it harder for the Fed to achieve its 2% inflation target by putting so much money into the hands of high-income households.

Golden Encyclopedia

▌What is Ethereum Futures ETF?

Ethereum Futures ETFs are investment funds that track Ethereum futures contracts rather than Ethereum itself. Without actually holding the cryptocurrency, investors can use Ethereum Futures ETFs to speculate on the future price of Ethereum. Instead of holding tangible assets, Ethereum Futures ETFs invest in futures contracts. These contracts are promises to buy or sell Ethereum at a predetermined price on a predetermined date in the future. Without having to deal with wallets or cryptocurrency exchanges, investors can buy these contracts through ETFs, thereby being exposed to Ethereum price fluctuations, and ETFs simply raise investors' funds to buy them.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.