Bitcoin ETF Shake-Up, BlackRock's Optimism and CZ's Bull Run Call! "Five Minute Friday with Doc" #14

Join Doc on this week's Crypto Unplugged 5-minute Friday Show as he brings you the latest buzz in the crypto space. Discover how Nasdaq refiles its application for BlackRock's Bitcoin ETF with Coinbase as the named partner. Hear Larry Fink's optimistic take on bitcoin's potential to revolutionise finance. Get insights into Valkyrie Funds' spot Bitcoin ETF proposal and CZ's bold 2025 bull run prediction. Find out how the upcoming halving event and rising mining fees are shaping the market. Don't miss this packed episode of Crypto Unplugged!

Date of podcast recording: Friday 7th July '23

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Transcript

What’s going on Listeners? Welcome to Crypto Unplugged 5-minute Friday Show.

Doc here on Friday 7th July. I hope you’re all well, wherever you’re listening from.

So, what ‘s been happening this week in the Crypto Space:

In our first story, the Nasdaq exchange has refiled its application to list BlackRock's proposed bitcoin exchange-traded fund (ETF). 

This move follows feedback from U.S. securities regulators that earlier filings were deemed "inadequate" due to the lack of a named partner in the surveillance-sharing agreement. 

Now, Coinbase, a prominent U.S. exchange, has been named as the partner for the surveillance-sharing agreement. 

This agreement aims to guard against market manipulation and is a requirement for ETF approval. Other applications, including one from Fidelity, have also updated their filings to include Coinbase as their partner. 

Moving on to our second story, Larry Fink, CEO of BlackRock, recently expressed optimism about the potential of bitcoin to revolutionise the financial system. 

In an interview with Fox Business, Fink highlighted the role of tokenization and referred to bitcoin as an international asset that could serve as an alternative investment to hedge against inflation and currency devaluation. 

BlackRock's iShares unit has filed paperwork for a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC), although a decision on its approval is yet to be determined. 

Another story on the ETF, Valkyrie Funds, a venture capital firm, has joined the race to launch a spot bitcoin ETF. 

Valkyrie aims to partner with Coinbase and has filed a proposal with Nasdaq. 

 The firm believes that the SEC's approach to Bitcoin Futures ETFs could extend to Spot Bitcoin ETP proposals. 

 Despite recent rejections by the SEC, Valkyrie remains confident in its proposal and the potential for approval based on the regulated size of the Bitcoin Futures market.

 In our last story this week, 

Binance CEO Changpeng Zhao, better known as CZ, recently predicted that the next Bitcoin bull run is most likely to happen in 2025.

CZ cited the halving event, which is scheduled to happen in 2024, as a reason for his prediction. The halving event is a scheduled reduction in the reward that miners receive for verifying transactions on the Bitcoin network. 

This reduction in rewards typically leads to a decrease in the supply of Bitcoin on the market, which can drive up prices.

CZ's comments come after Coin Metrics found that Bitcoin miners made $184 million in mining fees in the second quarter of 2023. 

The crypto analytics firm said that the jump in fees was due to Bitcoin's recent price surge, as well as the advent of BRC-20, a new token standard on Bitcoin that uses Ordinals inscriptions to mint and transfer fungible tokens on the network.

So, there you have it. According to Binance CEO CZ, the next Bitcoin bull run is most likely to happen in 2025. I’m not sure I entirely agree though, but let’s see.

Thanks for joining me and do tell your friends about crypto unplugged.

Have a great Friday and a lovely weekend and see you guys’ next time!