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Ethereum ETF Approval Is a ‘Historic Milestone’ Making Crypto Mainstream, Says Gracy Chen

Last Updated May 24, 2024 3:32 PM
Teuta Franjkovic
Last Updated May 24, 2024 3:32 PM

Key Takeaways

  • Newly appointed CEO of Bitget, Gracy Chen, views possible Ethereum ETFs as a historic milestone, mainstreaming PoS crypto.
  • Bitget is prepared to leverage market volatility.
  • Chen likens crypto understanding to using modern tech, encouraging adoption, and highlighting Bitget’s role in global payments.

Ethereum ETFs have caused a stir in the crypto markets as anticipation grows around their potential approval by the U.S. Securities and Exchange Commission.

Bitget CEO Gracy Chen discussed with CCN the potential approval of an Ethereum ETF, highlighting its significance as a historic milestone in the cryptocurrency market, representing a critical and potentially transformative development for the future of crypto ETFs.

Ethereum ETF Approval – A Historic Milestone for Crypto and Mainstream Integration

CCN spoke with Chen about the possible Ethereum ETF  approval by the SEC  and its impact on the cryptocurrency market. She said the approval of an ETF marks a historic milestone for the cryptocurrency market, representing a critical and potentially transformative development for the future of crypto ETFs.

This approval, according to Chen, not only benefits Ethereum but also sets a significant precedent for the integration of other Proof of Stake (PoS)-based cryptocurrencies into mainstream financial products. The excitement surrounding this event enhances the industry’s visibility, underscoring its ongoing evolution aimed at boosting investment, funding, liquidity, and supporting Ethereum’s price stability .

She elaborated:

“The approval of an ETF is a historic event for the cryptocurrency market. It is a pivotal and potentially transformative step for the future of crypto ETFs. It could benefit not only Ethereum but also set a precedent for how other PoS-based cryptocurrencies integrate into mainstream financial products. 

The hype around this event draws attention to the industry and highlights its continuous development to increase investment, funding, liquidity and support Ethereum’s price. More and more people are becoming interested in cryptocurrencies, investing in them, and using them daily.”

Embracing Cryptocurrencies is a Choice, Not a Necessity

In response to a question about making cryptocurrency more approachable to the average consumer, Chen argued that understanding cryptocurrencies is not necessary for everyone, just as some people may choose not to use modern technologies like smartphones or the internet. She stated that cryptocurrencies are accessible for those who wish to learn and use them, encouraging individuals to embrace that cryptocurrencies are the future and to take the initiative to understand how to use them.

She stated:

“Cryptocurrency does not need to be understandable to everyone. It is not necessary. You may not use a smartphone, you may not use the internet, you may ignore public transport, and you may use only old technologies – it’s everyone’s choice.”

Crypto Exchanges as Key Players in Global Microeconomics by 2026

Chen also elaborated that as countries worldwide begin to explore and invest in cryptocurrencies. She recently shared her perspective on the importance of crypto exchanges in the global payment market, noting the increasing involvement of these exchanges in everyday transactions. Chen believes that by 2026, crypto exchanges will be integral to global microeconomics.

She highlighted the example of crypto cards issued in partnership with global payment systems and trading platforms, allowing users to link their crypto accounts and spend their assets anywhere biggest credit cards are accepted. Additionally, many stores and services already accept Bitcoin payments.

She said:

“As we can see, the involvement of crypto exchanges in everyday payments is growing and I believe they will play an essential role in global microeconomics already in 2026.

Take, for example, crypto cards jointly issued by global payment systems and trading platforms. Exchange users can link their crypto accounts to such cards and spend their assets wherever Visa and Mastercard are accepted. Besides, many stores and services including Wikipedia, Microsoft, and Google already welcome payments in Bitcoin.”

 

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