STATEMENT: Bybit's Ben Zhou Shares Information About Bitcoin Spot ETF Approval Milestone

(Information sent by the signatory company).

STATEMENT: Bybit's Ben Zhou Shares Information About Bitcoin Spot ETF Approval Milestone

(Information sent by the signatory company)

DUBAI, UAE, Jan. 12, 2024 /PRNewswire/ -- Ben Zhou, co-founder and CEO of Bybit, the world's third largest cryptocurrency exchange by volume, shares his thoughts on the milestone approval of the Bitcoin Spot ETF.

As co-founder and CEO of Bybit, I have been at the forefront of the cryptocurrency revolution, witnessing every ebb and flow, triumph and trial our industry has faced. I stand before you today, not only as a witness but as an active participant in what may be the most important milestone yet: the approval of the first Bitcoin Spot ETF.

It's been more than a decade since the Winklevoss twins applied for the first Bitcoin ETF in 2013, and there have been more false starts and denials than I care to remember. However, the perseverance of cryptocurrency believers around the world has paid off and we now see the fruits of our collective labor. The approval of Bitcoin Spot ETFs by regulators is a testament to the resilience of Bitcoin, an asset that continues to outperform despite facing a number of challenges, from unclear regulations to negative comments from its opponents.

I believe the true importance of Bitcoin ETF extends far beyond current market dynamics. It heralds a new era of institutional and broader adoption of cryptocurrencies, paving the way for an Ether ETF and mixed products like a Bitcoin and Gold ETF. It is a clear indicator that the inherent value of cryptocurrencies as a global transaction system with near-instant finality and full transparency is being realized.

Our industry's willingness to improve transparency and compliance has been instrumental in reaching this juncture. At Bybit, we have always held ourselves to the highest standards, publishing our reserves publicly and applying strict AML and KYC practices. It is these fundamental pillars that have helped us reach this juncture.

As we celebrate this historic achievement, I am reminded that the success of the Bitcoin ETF was never a foregone conclusion. It is the result of tireless work to meet and exceed the rigorous standards set by regulators. And now, with everything in place, we anticipate greater institutional exposure to cryptocurrencies. The investment landscape is evolving and digital assets are becoming a mainstay of investor portfolios around the world.

The approval is not only a watershed moment for Bitcoin but for all cryptocurrencies, and marks the next big step in the current bull market and our financial evolution. Join me as we embark on this journey towards a future where cryptocurrencies are not just an alternative but an integral part of the global financial system.

About Bybit

Bybit is one of the top three cryptocurrency exchanges by volume with 20 million users established in 2018. It offers a professional platform where cryptocurrency investors and traders can find a lightning-fast comparison engine, 24/7 customer service per week and multilingual community support. Bybit is a proud partner of the reigning Formula One constructor and driver champions: the Oracle Red Bull Racing team.

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