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Hello reader,
In every friend group, there’s one person who missed the opportunity to buy bitcoin at the right time; if they had, they would have been a millionaire.
I’m that person in my group.
In my defense, I was still a very young student with no bank account and just stumbled upon bitcoin while searching for “how to earn digital money” during one of the computer periods in school.
Even in college, crypto always seemed like a way to escape the matrix. But now the train has left the station, and there’s no way I can earn thousand-X returns.
It would be interesting to see some kid planning to escape the matrix in Southeast Asia now that the US Securities and Exchange Commission (SEC) has approved the listing of bitcoin spot exchange-traded funds (ETFs). Some predict that the move will increase the region’s investments in crypto.
Today we look at:
- The US’ approval of bitcoin ETFs and the hype around it
- PropertyGuru co-founder and ex-CEO resigning from the company’s board
- Other newsy highlights such as TDCX CEO’s privatization play and Flowdesk’s US$50 million series B round
Premium summary
US regulator’s green light: Crypto buying rush ahead?
Image credit: Timmy Loen
I don’t know how much the recent approval of bitcoin spot ETFs in the US is going to change the industry – some say it’ll drive institutional investments, some say it won’t change anything. Whatever the case is, it’s given bitcoin some hype once again!
- Crypto greenlight: Following the approval, many bitcoin ETFs have started trading in the US, including those from fund management firms BlackRock, Grayscale, and WisdomTree. Last week, BlackRock’s fund hit US$1 billion in assets under management.
- Patience for profits: That said, the market has already priced in the SEC’s decision since a federal appeals court ruling in August 2023. Mainstream adoption of the ETFs is expected to take about six months.
- ETF skepticism: While some experts anticipate a rise in bitcoin’s price to US$70,000 after the ETFs become mainstream, Kelvin Low, a law professor and crypto skeptic, sees little value in the SEC’s approval. He thinks there are already enough ways to invest in bitcoin, and he’s wary of its speculative and unpredictable nature.
Read more: US regulator’s approval could trigger Bitcoin rush among SEA investors
PropertyGuru’s ex-CEO resigns from board
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