Daily: ANOTHER ETF approval deadline this week ? / Why BAKKT is the real hero

Hey everyone, it's Michael and welcome back to Vox Mining. Today's going to be a more news-focused episode. We're going to catch up with what's happening in the recent developments in the cryptocurrency world. We're going to focus on the ProShares ETF, whether or not it's going to be approved by the SEC. We're going to have a discussion about that. And we're going to talk about the backed exchange as well, because that's making headlines yet again, because people are slowly, slightly, slowly understanding what it kind of means in the long run. Then we're going to talk about Venezuela, hyperinflation there. It's still going on. It's been a topic that's been going on for a year or so. And we're going to talk about how Bitcoin and cryptocurrencies is actually a better store of value in that case. And finally, we're going to keep up with what's recently happening on this channel as well. I just finished the Monero in a nutshell, and we're going to look at some other different currencies, cryptocurrencies as well. This is in line with my long-term objective in thinking that this is not a sprint, but a marathon. And in that case, why don't we spend some time getting our fundamentals right? Why don't we get our strategy right in this case? And we'll prepare for a much longer game. So everything and more on today's Box Mining Daily, I do want to say that everything covered here is my personal opinion, not financial advice. And of course, if you guys like daily updates, if you guys like nutshell summaries of different coins, do remember to click the little subscribe button down below and the little like button. So let's start off with the markets. And if you've probably been noticing in the past few days, we've been trading sideways for quite some time. So today, yes, we do have a just general red bits of red, but it's not very big and nothing really is much over 5% in terms of decrease. So what's going on? I definitely feel like we're at a stage where the market itself is trying very hard to predict or trying to anticipate what's going to happen on this Thursday. So this Thursday is the deadline for the ProShares ETF. So I just want to make this clear. So an ETF is an exchange traded fund. That means it allows people that are trading maybe something like stocks to trade Bitcoin as well. Very similar to the gold ETF, which allows traders trade gold. The case here is that there are so many different applications for a Bitcoin ETF. This is like the most popular thing that people are doing right now in crypto, just finding different ways to apply to the SEC to get the Bitcoin ETF to be accepted. In the case of the ProShares ETF, this is the one that cannot be delayed. And I don't want to confuse you with the CBOE ETF, which has been delayed and postponed to late September. So here we see the ProShares ETF proposal underpinned by Bitcoin futures contracts rather than fiscal holdings of Bitcoin itself. In other words, the VTS value will be determined by Bitcoin future contracts trading on CME and CBOE futures exchange. So in that sense, the reasoning here, I feel like is that, well, they're like, okay, you know what, SEC, you guys already accepted the futures of Bitcoin. You know, if you allow speculation for, you know, futures, why don't you allow actual holding for Bitcoin? But I do want to say this is done by ProShares and not in partnership with CBOE. And that's why I don't feel like this is going to be the biggest hammer to blow. Of course, a lot of people are still, you know, eyeing this very carefully. The reason being is that an ETF allows income, what people feel like, immediate access to Bitcoin to a lot more people. And that's why they feel like there will be more demand and hence the value of Bitcoin rise. For me personally, if you think of it as a marathon that we're running right now, this will be like throwing someone a can of an energy free drink, or at least throwing a can of Red Bull, they have like an instant shot of energy can run and sprint really quickly. But in terms of long term adoption, that doesn't really help that much. Because even though traders can trade and speculate on Bitcoin, the coolest part about Bitcoin is actually holding it. That's why a lot of people are yet again looking at BACT again. So BACT was announced around two weeks ago. And I think this one, I feel like people weren't paying attention to it that much. It didn't really drastically change prices. But BACT is going to be a new cryptocurrency exchange. It's pretty much owned by the guys, the same guys who own the New York Stock Exchange. That's kind of a big big name coming into the space. The coolest part about BACT and why it's important is because there's actual Bitcoin backing it. So unlike the one that's ProShares ETF that doesn't have Bitcoin backing, this one will be backed by Bitcoin. This one will not be for speculation, but rather for substantial use of Bitcoin. And that's why having this exchange is probably bigger news. And the reason why people aren't paying as much attention or why all the eyeballs aren't there is because this has been announced already and rather it's waiting deployment. So the gameplay here is very different with the Bitcoin ETF, a lot of eyes are there because there's a lot of anticipation. There's a lot of build up, you know, is the ETF finally going to get passed? But rather with BACT, it was just announced on us all of a sudden and people are still trying to figure out the long term implications of this. In terms of other developments, we have this proposal for self-regulation. So the four US exchanges, they're proposing a self-regulatory agency for digital commodities industry. So it's an attempt to try to reassure the government, yeah, you know what, we're trying to look after ourselves. So my stance on regulation as such. So I want to break apart and not look at blockchain as a whole because the function of different cryptocurrencies are very different. For example, if it relates to Bitcoin, then that's really the best case for Bitcoin is not to have that much regulation because it's about a form of currency that's free from the governments. But if it's a currency that's relates to a particular platform, say for something like Binance, I definitely feel like stronger regulation is helpful there because there's a lot of room for say a company to kind of release release news or put news in particular ways that might benefit them. And that is strongly regulated in the, and such activities are strongly regulated in the stock exchange. For those type of currencies, some regulation offers a lot more protection and confidence to people who are holding these commodities. So I feel like this is a step in the right direction. We probably need a little bit more of that and we probably need strong regulation against manipulation as well. Lastly, Venezuela. Venezuela just knocked the five zeros of their national currency. And this has always been a demonstration of why cryptocurrencies are very valuable because government controlled currencies only work if the government maintains that trust. But with no trust in the government, which is something that we're seeing in Venezuela, hyperinflation can happen. I mean, if you think about it, the US inflation rate is around 2%. It's very controlled and it's really well within this 3.5% range. But what's happening in Venezuela is that the inflation can hit up to a million percent this year. I don't even know how to compute that number. Like, like, like they're putting basically stacks of bills and you need like this stack of bill to bills to swap for a chicken. That is how ridiculous the world is going in Venezuela. And it's one of the use cases of cryptocurrencies as well, because while crypto, especially with Bitcoin, you can't print more because you feel like it's important to print more. There's no central authority that can say, yeah, we want to print 5 million Bitcoin tomorrow. That's just can't be the case. It's dictated by a mutual consensus of the entire network. And the total supply of Bitcoin is 21 million. That's, that's it. You see, you see announcements from the president of Venezuela saying, you know what, I want the country to recover. I have a formula. Trust me. These are actually the last words you want to hear in a situation like this. You want decentralized trust. You don't want one central figure that can do anything. And that's all for the news today. I do want to say that I have a video on Monero in a nutshell. So the nutshell series has always been a series where we want to cover the basics and the fundamentals of various cryptocurrencies as fast as possible, not to waste your time or years. So just get as much information there. So this is a resumption of that series. I'm doing, trying to do more of these episodes, just kind of researching coins in general. And this is in line with my strategy right now, which is to research as much as possible to develop better strategies to reinforce my knowledge. So I just want to highlight that there. I also have a suggestion for what's the next coin as well. So this is going to be on Slido. I'm going to put a link down below if you guys have any suggestions to come up. You can also upload other people's suggestions and it just kind of formulates a general feel of what questions people want to ask and what coins people want to look at. So in terms of upcoming events, I'm going to attend the blockchain cruise next month. So this, I'll be invited to this cruise and it's going to feature quite a lot of controversial people. And I feel like it's going to be a very broad and cool kind of view on this whole space. So we got John McAfee, Charlie Lee, Bobby Lee, Brock Pierce, Jimmy Song, Roger Ver, Mikko as always, Ton Vaze. So these are really big names in this space and they all have very different viewpoints. If you guys are interested, they do take a look at the link down below for this event. And that's all for today, guys. I'd love to hear what you guys think about this whole ETF situation. Do you guys feel like this ProShares is something you're looking at or are you more just waiting for the long-term game and looking forward to things like that? Leave a comment down below. I'd love to hear what you think. Thank you guys so much for watching. See you next time.