Vitalik Buterin issued a tweet following the latest denial by the US Securities and Exchange Commission of the second Bitcoin ETF proposal by Cameron and Tyler Winklevoss.
The Winklevoss twins, who are the founders of cryptocurrency exchange Gemini, have been trying to gain approval for a Bitcoin ETF since last year. Many analysts in the crypto space believe that such an approval would attract billions of institutional investment dollars to the cryptocurrency market.
I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
— vitalik.eth (@VitalikButerin) July 29, 2018
Increasing adoption at local shops and online merchants also has the power to change the narrative around cryptocurrency by showing that Bitcoin, Ethereum and many other cryptocurrencies are usable, spendable digital coins that can function as money.
In addition, payment processing platforms such as Pundi X and Flow are helping to bridge the gap between merchants who want to accept crypto and the people who want to spend it on everyday goods and services. These platforms are aiming to onboard hundreds of thousands of users worldwide.[the_ad id="42537"] [the_ad id="42536"]
Meanwhile, E-gift card platforms, such as eGifter, allow people to spend cryptocurrency at hundreds of mainstream outlets such as Apple, Amazon, Starbucks, Dunkin’ Donuts, Uber, Home Depot, Target and Nike.
The latest adoption milestones show that there is plenty of demand and more than enough room for growth.
Here’s a look at some of the latest milestones since June.
• Over 5,000 merchants in Chile accepting Bitcoin, Ethereum and Stellar
• 650,000 users on global payment platform now accepting Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash
• 40 merchants and counting for Vertcoin
• Over 30 major brands offer crypto gift cards through WeGift, Coinbase’s new partner
• Over $2 million in XRP loaded onto Wirex debit cards in just 12 hours to make real-world purchases
• Flexa beta for crypto mass adoption at 35,000 locations
• 1,500 merchants worldwide on Dash network
• 427% sales jump after art gallery accepts Bitcoin, Ethereum and hundreds of altcoins
• 4,000 retailers with 21 million visitors gear up for mainstream Bitcoin and crypto payments