Ben Zhou, co-founder and CEO of Bybit, the world’s third largest crypto exchange by volume, shares his insights on the milestone of Bitcoin Spot ETF Approval.
As the co-founder and CEO of Bybit, I’ve been at the forefront of the cryptocurrency revolution, witnessing every ebb and flow, triumph and trial that our industry has encountered. Today, I stand before you, not just as a witness but as an active participant in what may be the most significant milestone yet: the approval of the first Bitcoin Spot ETFs.
It’s been over a decade since the Winklevoss twins filed for the first Bitcoin ETF in 2013, and there have been more false starts and denials than I care to remember. However, the perseverance of crypto believers over the world has paid off, and we now see the fruits of our collective labor. The approval of the Bitcoin Spot ETFs by regulators is a testament to the resilience of Bitcoin — an asset that continues to outperform despite facing an array of challenges, from unclear regulation to negative commentary by opponents.
I believe that the real significance of the Bitcoin ETF extends far beyond today’s market dynamics. It heralds a new epoch of institutional and wider crypto adoption, paving the way for an Ether ETF and mixed products like a Bitcoin and Gold ETF. It’s a clear indicator that crypto’s inherent value as a global transaction system with near instant finality and total transparency is being realized.
Our industry’s willingness to improve transparency and compliance has been instrumental in reaching this juncture. At Bybit, we’ve always held ourselves to the highest standards, publishing our reserves publicly and enforcing stringent AML and KYC practices. It is these foundational pillars that have helped bring us to this juncture.
As we celebrate this historic achievement, I am reminded that the Bitcoin ETF’s success was never a foregone conclusion. It is the result of tireless work to meet and exceed the rigorous standards set forth by regulators. And now, with everything in place, we anticipate greater institutional exposure to crypto. The investment landscape is evolving, and digital assets are becoming a mainstay in the portfolios of investors worldwide.
The approval is not just a watershed moment for Bitcoin but for all of crypto, marking the next major step in the current bull market and our financial evolution. Join me as we embark on this journey into a future where cryptocurrency is not just an alternative but an integral part of the global financial system.
