Charles Hoskinson Predicts At Argentina Summit That Cardano Will Surpass Bitcoin And Ethereum Within 20 Years Due To Decentralized Governance Advantages. Crypto News Flash
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After a long wait, the Hong Kong Bitcoin ETFs have finally gone live for trading setting up high expectations among investors. Interestingly, the launch of the Hong Kong Bitcoin ETFs comes at a time when the US Bitcoin ETFs are experiencing net outflows over the last week. Market analysts have started pointing out why one should see Hong Kong Bitcoin ETFs separately from the US products and the advantages that they bring along with them.
Key Points of Hong Kong Bitcoin ETFs
Hong Kong has embraced an in-kind ETF subscription and redemption mechanism, enabling the exchange of underlying assets for fund units and vice versa. In contrast, the US Bitcoin funds utilize a cash redemption model.
In a recent statement, Blockstream CEO Adam Back turned the spotlight on Hong Kong’s Bitcoin ETF market, set to open in just three hours. Noting the unique feature of in-kind entry and exit, which involves depositing Bitcoin to avoid artificial capital gains tax implications, Back highlights the significance of this development in expanding market accessibility and bridging time zone gaps for a more continuous spot market environment.
He expressed curiosity about the incoming capital flows and emphasized differences from counterparts like GBTC. Thus, Adam Back anticipates a distinct market landscape without the specter of bankruptcy-related selling in Hong Kong.
Hong Kong #bitcoin ETFs market open in 3hours. in kind entry and exit (deposit Bitcoin) so no artificial capital gains tax hit. Another timezone and market to get a bit closer to 24×7 spot market. Let’s see how the inflows go. No $GBTC analog, no bankruptcy selling in HKG.
— Adam Back (@adam3us) April 29, 2024
On the other hand, analysts have been predicting minuscule inflows for HK Bitcoin funds in comparison to the U.S. Bitcoin ETFs. According to Bloomberg Intelligence’s Rebecca Sin, Bitcoin and Ether funds in Hong Kong could accumulate $1 billion over the span of two years.
However, Han Tongli, CEO of Harvest Global, considers this estimate “too conservative.” Tongli attributes this to the broad acceptance of financial products and services in Hong Kong, appealing to investors from both the Western and Eastern markets. In contrast, he notes that the US primarily serves Western investors.
On the other hand, outflows from US spot Bitcoin ETFs have continued. The total outflows on Monday, April 29, stood at $51 million, as per data from Farside Investors.
Chinese Funds Coming to Hong Kong?
Gabor Gurbacs, the Director of Digital Assets strategy at VanEck said: “As I said many times, the East-West Bitcoin ETF competition is heating up. Hong Kong wouldn’t launch Bitcoin ETFs without China’s approval. China is determined to put up competition on institutional Bitcoin capabilities. Full nation-state adoption game theory in effect. Game on!”
Gurbacs noted that it will be intriguing to observe the various agreements China ventures into. His speculation suggests that their interests likely extend far beyond ETFs, possibly encompassing private technology, market infrastructure, spot Bitcoin, among other areas. The introduction of the Hong Kong ETF serves not only as a legitimizing tool but also as a signal indicating that involvement within the conventional framework is permissible.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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NEW DELHI, Jan 27: Each crypto platform has its share of ups and downs. Certain qualities can be an advantage for one cryptocurrency but a downfall for another. This editorial piece will examine three cryptocurrencies and their advantages and disadvantages. While each has its pros and cons, they are all cryptocurrencies worth putting on your watchlist in 2023.
Bitcoin (BTC) and Dogecoin (DOGE) are two cryptocurrencies that need no introduction. Each is a pioneer in their sector, with Bitcoin being the creator of the crypto market and Dogecoin being the creator of the meme coin market. Big Eyes Coin (BIG) is relatively new to the crypto market, rampaging through the ninth stage of its presale and raising USD 17.78 million at the time of writing. Big Eyes Coin Goes Big On Charity
While the crypto market is considered energy-intensive and bad for the environment, some cryptocurrencies are taking the initiative to limit their carbon footprint and energy usage. Big Eyes Coin is one of these cryptocurrencies, utilising Ethereum’s (ETH) blockchain for less energy consumption.
Additionally, Big Eyes Coin will donate a significant amount of its tokens to charity, with ocean conservation efforts being the primary focus for its 5% charity wallet. Big Eyes Coin has made several contributions, including USD 2,000 to the Orca Network.
A final advantage for Big Eyes Coin is what the future holds for this token. The platform has already generated so much hype, leading many crypto experts to believe that it could achieve its goal of becoming the next biggest meme token. The platform has also placed advertisements in New York’s Times Square and Marble Arch in London, introducing Big Eyes Coin to millions of potential users.
The Advantages and Shortcomings of Bitcoin
Bitcoin is the most significant cryptocurrency in the market. Many experts believe that Bitcoin controls the trend of other cryptocurrencies since its market capitalisation makes up almost half of the crypto market capitalisation.
One disadvantage of Bitcoin is that it is an energy-intensive platform. The crypto giant uses the same amount of energy annually as Norway, consuming energy at an annualised rate of 127 terawatt-hours.
Although Bitcoin uses mammoth amounts of energy, the platform can still provide explosive returns. The blockchain giant has increased its market capitalisation by 7.40% in the past seven days at the time of writing.
The Pioneer Of Meme Coins – Dogecoin
As mentioned above, Dogecoin was the pioneer for meme coins. Although it was created as a joke by Jackson Palmer and Billy Markus, Dogecoin quickly rose to fame and sat comfortably in the top ten cryptocurrencies by market capitalisation.
The coin frequently receives attention from high-profile figures like Elon Musk and Snoop Dogg. This attention is quickly followed by a price spike which allows DOGE holders to receive explosive returns if they purchase and sell at the right time.
However, with this comes risk. Dogecoin is known for its volatility in the crypto market, so if you purchase at the wrong time, you could lose significant funds and damage your portfolio in the long run.
To Summarise
As mentioned above, each cryptocurrency has its advantages and disadvantages. Bitcoin and Dogecoin are not strangers to this, as they both use significant amounts of energy but have a crucial place in the crypto market. Big Eyes Coin is another cryptocurrency you should keep in mind, the platform aims to become the next biggest meme token by 2030 and has a clear roadmap of how to get there.
Additionally, Big Eyes Coin will launch early if it reaches its goal of USD 12 million raised in January. If you want 200% bonus tokens with your purchase, use the ‘LAUNCHBIGEYES200’ promo code at the checkout!
For more information on Big Eyes Coin (BIG), please visit the following links:
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
This story has been provided by ATK. ANI will not be responsible in any way for the content of this article. (ANI/ATK)
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