2024 Brings Hope to the Crypto Industry: Bitcoin ETFs Approved, Market Turns Green
The crypto industry has received a much-needed boost in 2024 with the approval of Bitcoin exchange-traded funds (ETFs) in January. Since then, the market has witnessed a significant surge, with Bitcoin reaching an all-time high and surpassing $72,000. In addition, there has been a consistent influx of investments in crypto products for the past six weeks, approaching the record set in 2021. These positive developments, coupled with the upcoming Bitcoin halving and potential loosening of monetary policies, have paved the way for more institutional investors to explore the world of cryptocurrencies.
During Cointelegraph’s AMA on March 7, which was held on X (formerly Twitter), various aspects of the current market conditions were discussed, along with the features of M2, a comprehensive crypto investment platform catering to both institutional and retail investors. The show featured M2 CEO Stefan Kimmel as a guest speaker.
Kimmel expressed his belief in the role of ETFs in building credibility for institutions. He stated, “In the past, institutions have been wary of crypto, which has also deterred other investors. However, now the perception of crypto has completely changed, with increased credibility, sponsorship, and support.” He further emphasized that Bitcoin will continue to be the focal point, thanks to ETFs, as it faces less regulatory scrutiny in terms of its security classification and is considered a lower-risk investment option. Kimmel also highlighted that institutions are bringing significantly larger investments into the market compared to retail investors.
Kimmel pointed out the prevalence of large over-the-counter (OTC) trades that mainly focus on Bitcoin. He explained that M2 also reflects these trends, but there is also a growing interest in altcoins, particularly utility tokens such as M2’s MMX. MMX is primarily used within M2’s Earn program to enhance returns. By burning MMX tokens, users can increase their yields on locked crypto assets. This burning mechanism also reduces the overall supply of MMX, which initially started with 500 million tokens. MMX holders also enjoy benefits such as reduced trading fees, a rewards program, and access to higher tiers within the upcoming payment card program.
Kimmel emphasized M2’s commitment to empowering users and making crypto more accessible and appealing to retail investors. The platform’s flagship product, the Earn program, offers flexible lockup periods and interest earned in the deposited currency, with Bitcoin and Ethereum currently offering a 10.5% yield. Additionally, there is an option for early redemption, albeit with a fee, to cater to unexpected financial needs.
While the surge in institutional interest raises questions about its impact on the core principles of Web3, Kimmel argued that M2 welcomes all investors, including small and medium-sized enterprises (SMEs), to provide trade finance solutions. The platform is also planning to launch a U.S. dollar-backed stablecoin, aiming to simplify payments within the trade finance space.
Looking ahead, M2 has an exciting roadmap that includes crypto lending, additional investment options, and structured products, signaling a clear plan for product development throughout the year. Kimmel also teased upcoming features such as crypto debit cards, the introduction of a referral program, and expanded language support.
For more information about M2, visit their website.
Disclaimer: This article is sponsored by M2. Cointelegraph does not endorse any content or product on this page. While we aim to provide you with accurate and relevant information, readers are advised to conduct their own research and exercise caution when making investment decisions.