Putin Russia Bitcoin crypto

Putin, Morgan Stanley CEO, Cathie Wood Support Bitcoin

Putin Russia Bitcoin crypto
Amid China’s Bitcoin mining crackdown, Russian President Vladimir Putin publicly supports the existence of Bitcoin (BTC) and cryptocurrencies. This echoes with Morgan Stanley CEO James Gorman, and ARK Invest founder Cathie Wood.

Bitcoin has been under serious crackdown in China. Meanwhile, Russian President Vladimir Putin has publicly stated his support towards Bitcoin and cryptocurrencies. “I believe that it has value,” says Putin, and Bitcoin and crypto may exist as a means of payment. However, Putin expressed concern about the energy consumption required to maintain the Bitcoin blockchain. When asked whether Russia would launch BItcoin-denominated crude contracts, Putin believes it’s still too early to talk about settling crude contracts in Bitcoin or crypto.

Putin criticizes the United States for using the US dollar as a tool of political sanctions. Although Russia isn’t using Bitcoin as a legal tender, it will actively consider using other currencies as a reserve currency. And, Bitcoin is one of the possible options.

“I don’t think crypto’s a fad, I don’t think it’s going away,” Morgan Stanley Chief Executive James Gorman told Bloomberg. “I don’t know what the value of bitcoin should or shouldn’t be, but these things aren’t going away and the blockchain technology supporting it is obviously very real and powerful.”

SEC Set To Approve Bitcoin Futures ETF?

According to Gorman, crypto trading is not a huge part of the business for Morgan Stanley. The investment bank giant is offering investors ways to buy crypto through various funds. The bank continues to look at the regulatory response towards crypto. In September of this year, Gorman appointed Sheena Shah to establish a new research team for the cryptocurrency of Morgan Stanley.

Whether the US SEC will approve Bitcoin Futures ETF has become the focus of Bitcoin’s market in the near future. Bloomberg reports that the US Securities and Exchange Commission is set to approve the listing of the first Bitcoin futures exchange traded fund (ETF).

It is worth noting that Bitcoin futures ETFs are different from Bitcoin ETFs. For Bitcoin futures ETFs, assets involved are Bitcoin futures contracts.

Meanwhile, ARK Invest, an investment company under Cathie Wood, is participating in the application of a new Bitcoin futures ETF. ARK Invest is supporting the marketing of the new ETF, ARK 21Shares.

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