- Tom Busby thinks approving the BlackRock ETF would bring cash into the crypto market.
- Cryptocurrencies related to Bitcoin will gain the most from the BlackRock ETF.
- Busby believes Bitcoin’s current status is important for market development.
Tom Busby of CryptoBusy YouTube thinks approving the BlackRock ETF would bring cash into the crypto market. He believes cryptocurrencies related to Bitcoin will gain the most from the cash injection.
In a recently uploaded video, Busby outlined the ETF and the altcoins that would benefit. Busby states Bitcoin’s current status is important for market development with the expected approval of BlackRock ETF. He highlighted Bitcoin’s market dominance, which stood at 50% during his analysis, amid a massive crypto market cap of nearly $1.2 trillion.
Based on Bitcoin’s status, Busby believes one of the sectors that would benefit from a BlackRock ETF approval is the Bitcoin NFTs sector. Bitcoin NFTs are also known as Bitcoin Ordinals. They are a new class of products that allow users to create and store digital artifacts on the Bitcoin blockchain, providing an extra use case for the Bitcoin blockchain.
Busby highlighted the support that Bitcoin Ordinals have received from industry stakeholders like Michael Saylor and Vitalik Buterin. Both stakeholders believe the product will increase Bitcoin’s adoption and enable the network to grow even bigger.
Busby also believes Stacks (STX) would be one of the direct beneficiaries of the BlackRock ETF approval. Stacks is a Bitcoin layer for smart contracts that enables decentralized applications on the Bitcoin blockchain. It is another product that provides solutions for the Bitcoin network, including transaction settlements.
STX is one of the few cryptocurrencies that received approval to operate in the United States by the Securities and Exchange Commission (SEC). Busby thinks the SEC approval gives STX an advantage in the market. He believes many funds and institutions will be attracted to STX, considering this regulatory approval by the SEC.
Other altcoins Busby indicated could benefit from the BlackRock ETF approval include Ethereum, Litecoin, and Bitcoin Cash.
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