NYSE is bringing out all the pomp and circumstances to welcome the first bitcoin exchange traded product (ETF).
“The New York Stock Exchange welcomes executives and guests of ProShares in celebration of the first U.S. Bitcoin-Linked ETF (NYSE Arca: BITO). To honor the occasion, Michael Sapir, CEO, will ring The Opening Bell®,” they say.
That’s between 3:26 PM – 3:30 PM CEST, which translates to 2:30 PM in London, 9.30AM in New York, still sleep time in LA (except 6AM wakers) and 9:30 PM in Shanghai.
So the whole world will be awake to see something like the above picture, which is from a previous event.
The show is then followed on stock brokers, even Robinhood or IBKR or indeed on the many boomer sites that give stats/charts for the boomer market.
It might also be followed on the bitcoin market, with the crypto initially dipping on the news of approval yesterday, but went on to above $62,000.
The spot market is a bit unsure what to expect. There isn’t the huge excitement that previously accomplished these sort of events among social commentary, and yet there’s also a feeling we’re watching the launch of a new
rocket market as the barricades are broken down and bitcoin enters the center of finance.
Technically, godking Powell might even buy bitcoin now through his quantitative easing, and new chairs might even have it in their portfolio of ‘blind’ trusts.
So we’re leveling up and we think that’s not been priced in as there has been too much focus on the negatives and not enough on the positives.
In addition, though this might not be a big deal to some in the crypto space, it is a very big deal to the traditional market. A very genuinely new thing rarely enters NYSE with the equivalent being the early internet stocks of the 90s.
Similarly, anticipation now is that gradually cryptos will flood stonks. Eth should come next eventually, a defi index would be cool, and an NFT ETF would be even cooler, but grandpas move way too slow as we all know. So not anytime soon, but eventually.
And it’s here where it begins in about three hours from publishing. That’s followed with an afterparty on Decentraland that begins on Thursday and goes on until Sunday. Paris Hilton gone be there. We’ll go watch the Drums, with far too many more artists to name but Kraken gone be there, though we doubt they’ll make it rain in free wBTC. There will however most likely be sweet Poap NFT tokens for all your cravings, as well as other events.