After the approval of the spot Bitcoin Exchange Traded Fund (ETF) in the United States by the Securities and Exchange Commission (SEC), the sentiment is bullish in the cryptocurrency landscape. Amidst this development, on January 11, 2024, the billionaire and TRON founder Justin Sun sees potential for a Bitcoin ETF in Asia.
Approval of Bitcoin ETF signals global adoption
In a post on X (previously Twitter), Justin Sun made a statement that the recent approval of a Bitcoin ETF in the US signals a strong momentum for cryptocurrencies. This trend is expected to spread to Asian and Chinese markets soon, creating new opportunities. In the end, Bitcoin could become accessible to the world’s entire population of eight billion people.
The approval of Bitcoin ETF in the United States demonstrates that the trend of cryptocurrencies is unstoppable. In the near future, Asian and Chinese markets will also embrace this opportunity, and Bitcoin will eventually reach the world's eight billion people.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) January 11, 2024
Currently, there are over 420 million crypto holders across the globe, with the majority coming from Asia, totaling 263 million holders, and the least from Oceania, with 1 million holders. North and South America together have 90 million crypto holders, Europe has 31 million crypto holders, and Africa has 38 million crypto holders.
Additionally, the top four countries with the highest number of cryptocurrency holders are India (93 million), the United States of America (48 million), Vietnam (20 million), and Pakistan (15 million). Despite the unclear and least regulatory framework, India has the highest number of cryptocurrency holders.
However, earlier, many firms including VanEck, JP Morgan, and others, predicted that Bitcoin would hit $1 million in 2030, which is only possible if adoption goes global. Furthermore, it is evident that many sectors, including automobile, banking/finance, gaming, and AI, are rapidly adopting cryptocurrency technology.
Although many countries in Asia still do not have a clear stance on the crypto industry, including India and China, countries like Hong Kong and the United Arab Emirates (UAE) are in the race to become cryptocurrency hubs.
Bullish momentum post spot Bitcoin ETF approval
Apart from overall crypto adoption, the cryptocurrency market is experiencing bullish momentum after the approval of the spot Bitcoin ETF. Despite the Bitcoin ETF approval, Bitcoin has not experienced bullish momentum, whereas the second-largest cryptocurrency, Ethereum, has experienced over 9% upside momentum.
Looking at the current situation, the eagerly awaited spot Bitcoin has now been approved, and major asset management firms, including BlackRock, Grayscale, Fidelity, WisdomTree, and many others, are now becoming players in this rapidly evolving industry. The current price of Bitcoin is $46,200, only 33% lower than its all-time high. This all-time high is soon going to be breached as trillions of dollars of asset managers are now part of this industry.
Get Premium Crypto Trading Signals from Real Crypto Analysts. Join our official Waiting List at todayq.com.
