Binance CEO Changpeng Zhao Shares Thoughts on Bitcoin ETFs!

• While cryptocurrency exchange-traded funds (ETFs) have gained significant popularity in U.S. financial markets, the concept is not equally widespread worldwide.
• In the midst of the ongoing crypto bull rally, many in the market attribute the recovery of the crypto market to Bitcoin and Ethereum ETF applications.
• Although U.S. crypto investors support BTC ETFs, the rest of the world seems not to have fully embraced the idea.

The Bitcoin ETF frenzy is a hot topic in the entire cryptocurrency market, and Binance CEO CZ recently shared his thoughts on Bitcoin ETFs.

Zhao’s Bitcoin ETF Tweet

The Bitcoin ETF craze has engulfed the decentralized finance industry, and the opinions of Changpeng “CZ” Zhao, the CEO of Binance, a key figure in the crypto world, should be considered. While cryptocurrency exchange-traded funds (ETFs) have gained significant popularity in U.S. financial markets, the concept is not equally widespread worldwide. CZ retweeted a tweet that focused on a global ETF industry:

“I think ETF is a big deal in the U.S., but not elsewhere.”

In the midst of the ongoing crypto bull rally, many in the market attribute the recovery of the crypto market to Bitcoin and Ethereum ETF applications. At the time of writing, the price of Bitcoin is $37,035. According to data, the global crypto market cap is at $1.47 trillion today. The market cap of BTC is at $723 billion, representing Bitcoin’s market dominance at 49.34%. Meanwhile, the market cap of stablecoins is at $127 billion, representing 8.67% of the total crypto market cap.

While U.S. crypto investors support BTC ETFs, the rest of the world seems not to have fully embraced the idea. According to recent research on the investment habits of the French population, about 25% of them have some form of investment. Particularly, a significant portion of the French population owns cryptocurrencies, while fewer own stocks or ETFs. According to the report, 9.4% of surveyed French investors own cryptocurrencies, 7.3% own stocks, and 2.4% own ETFs.

This figure means they own at least 4.5 times more cryptocurrencies than ETFs, showing completely opposite views on the appeal of ETFs among French investors compared to Americans. This situation is not only among French investors but also among market investors in the Philippines. A user tweeted, “Similar situation in the Philippines.” Currently, only 2% of Filipinos own stocks, and 5% own cryptocurrencies.

What is the future of Bitcoin ETFs?

According to reports, Bitcoin ETFs will add billions to the crypto market. Investors outside of America have the potential to indirectly benefit from ETFs. According to CZ, ETFs are a big deal in America, not elsewhere, as shown by French and Filipino investors. Some crypto enthusiasts explained why a Bitcoin ETF could be crucial for Americans compared to other jurisdictions.

Experts claim that trillions of dollars are locked in U.S. financial institutions. Therefore, they argue that an ETF is a suitable way for some of these significant funds to enter the crypto market, which could ultimately have a positive impact on Bitcoin and the overall crypto market.

It is essential to note that U.S.-based financial giants like BlackRock and Fidelity have ETF applications based on the second-largest cryptocurrency, Ethereum (ETH). Last month, a false report about the approval of a Bitcoin ETF led BTC to range between $26,000 and $30,000 for several weeks. Recently, the bid by BlackRock for an ETF based on Ethereum, the second-largest cryptocurrency, pushed ETH’s price above $2,100.