2024 started out on a high note for the crypto industry with the approval of the spot Bitcoin ETF. After many years and many applications from top crypto companies, the SEC approved 11 spot ETFs and we have seen the effects ever since. As of this article, Bitcoin is eyeing a new all-time price high of above $66,000, a price point not seen since 2021.
With this in mind, we also have to look at the impact that this ETF will have on how consumers use crypto as a whole.
One of the first things that we can expect is more domestic crypto use. During crypto market booms, many more businesses begin accepting cryptos as a medium of exchange and more customers begin spending crypto on various goods and services.
Take gambling, for example. We have seen an increase in crypto casinos over the last few years and now that Bitcoin is seeing a price spike, Bitcoin betting is likely to become more popular. For many consumers, the appeal of possibly multiplying their current crypto stash through gambling with crypto will be especially potent.
Photo by Aleksi Räisä on Unsplash
We can also expect to see more channels for crypto purchases become available. As more people are spending crypto, there will be more crypto ATMs opening up around the world to cater to this need. New crypto exchanges will also spring up and existing exchanges will expand into new territories.
On top of the growing use of crypto for domestic purposes, various tokens will also see more investment. The growth of Bitcoin has typically coincided with the growth of major altcoins and this looks to be no different in 2024. This growth will mean that more people will invest in various tokens as the industry will be ripe for new projects to launch.
This will be even more so if more spot ETFs are launched. Even before the spot Bitcoin ETF was launched, there were rumours that other cryptos would be getting the same treatment. Currently, Ether is believed to be the next crypto to get an ETF and if this happens, the result will be very positive for the ecosystem. More people will invest in Ether, both through the ETF itself and also through other channels. Just like with Bitcoin, this will have a positive impact on its market value and its perception among consumers.
Speaking of perception, this ETF has the power to shift the public perception of cryptocurrency into a more positive light. A spot ETF is a very mainstream investment vehicle associated with the world of traditional finance. By having a cryptocurrency approved for a spot ETF, a message is sent about its legitimacy. The positive price effects of this ETF also mean that some members of the public will see it in a better light and be more willing to embrace it.
Cryptocurrency has faced criticism for years but the ETF, and all the things that come with it, could help redeem its image.
With this in mind, we also have to look at the impact that this ETF will have on how consumers use crypto as a whole.
One of the first things that we can expect is more domestic crypto use. During crypto market booms, many more businesses begin accepting cryptos as a medium of exchange and more customers begin spending crypto on various goods and services.
Take gambling, for example. We have seen an increase in crypto casinos over the last few years and now that Bitcoin is seeing a price spike, Bitcoin betting is likely to become more popular. For many consumers, the appeal of possibly multiplying their current crypto stash through gambling with crypto will be especially potent.
We can also expect to see more channels for crypto purchases become available. As more people are spending crypto, there will be more crypto ATMs opening up around the world to cater to this need. New crypto exchanges will also spring up and existing exchanges will expand into new territories.
On top of the growing use of crypto for domestic purposes, various tokens will also see more investment. The growth of Bitcoin has typically coincided with the growth of major altcoins and this looks to be no different in 2024. This growth will mean that more people will invest in various tokens as the industry will be ripe for new projects to launch.
This will be even more so if more spot ETFs are launched. Even before the spot Bitcoin ETF was launched, there were rumours that other cryptos would be getting the same treatment. Currently, Ether is believed to be the next crypto to get an ETF and if this happens, the result will be very positive for the ecosystem. More people will invest in Ether, both through the ETF itself and also through other channels. Just like with Bitcoin, this will have a positive impact on its market value and its perception among consumers.
Speaking of perception, this ETF has the power to shift the public perception of cryptocurrency into a more positive light. A spot ETF is a very mainstream investment vehicle associated with the world of traditional finance. By having a cryptocurrency approved for a spot ETF, a message is sent about its legitimacy. The positive price effects of this ETF also mean that some members of the public will see it in a better light and be more willing to embrace it.
Cryptocurrency has faced criticism for years but the ETF, and all the things that come with it, could help redeem its image.
