The article discusses how the crypto industry is hoping for the approval of a Bitcoin spot ETF by legacy financial institutions like BlackRock, Fidelity, and Ark Investments. This development would allow institutional capital to flow into the digital asset. The article highlights the crucial role played by miners in shaping the industry as stakeholders and mentions how publicly-traded mining companies have been a way for institutional investors to gain exposure to Bitcoin. The arrival of a spot ETF backed by a major financial institution would be a milestone for crypto. However, there is irony in miners, who have dealt with regulatory scrutiny and attacks from lawmakers, turning over the decentralized monetary system they built to Wall Street. Nonetheless, miners have always been aware of the timeline surrounding mineable Bitcoin and have used the “proof of work” system to create their decentralized network adaptable to regulatory and technological changes. The article concludes by stating that a spot Bitcoin ETF would be a triumph for the guardians of the network.
AI Sentiment: Positive