This is an interesting development! The founder of the PawZone NFT marketplace, known as @jds_updates on social media, recently discussed the significant impact an approved Bitcoin (BTC) spot Exchange-Traded Fund (ETF) could have. He believes this move could boost both Bitcoin and other cryptocurrencies like Shiba Inu (SHIB) and PawZone’s token, PAW.
Read more about his insights below.
Bitcoin ETF: A Turning Point for Crypto?
The crypto community is eagerly awaiting the U.S. Securities and Exchange Commission (SEC)‘s decision on the Bitcoin ETF. The PawZone founder suggests that if approved, this ETF could be a turning point for digital currencies, attracting more institutional funds and possibly inspiring other cryptocurrencies to consider launching their own ETFs.
SHIB and PAW: Set for Growth?
Focusing on Shiba Inu and PAW, the PawZone founder emphasizes that these tokens are “just getting started.” The potential approval of a Bitcoin ETF is viewed as a pivotal catalyst that could propel these digital assets into a new phase of growth and mainstream acceptance. The founder’s vision extends beyond immediate price appreciation to a longer-term perspective of market evolution and expansion.
Meanwhile, the Shiba Inu team is reportedly working on an upgrade to automate SHIB burns. This change aims to reduce pressure on the BONE token within the Shibarium ecosystem, improving efficiency and supporting the token’s stability. The SHIB community has already demonstrated its commitment to reducing supply, with substantial SHIB burns reported in recent times.
Read More: Shiba Inu Hype Continues! Will the Meme Coin Price Hit $0.02 Soon?
Market Outlook for Bitcoin
With BTC’s current value around $43,639.22, experts and analysts are discussing the potential impact of a Bitcoin ETF approval. Some predict that BTC could surpass $50,000 in early 2024, supported by the expected ETF approval. Many prominent investors and advisors believe there’s a high chance, around 98.7%, of the ETF getting approved.
Also Read: Spot Bitcoin ETFs Could Surpass $50 Billion Crypto ETP Market: BitMEX
