- Grayscale CEO believes spot Bitcoin ETFs could unlock $30 trillion in advised wealth, expanding Bitcoin’s reach in the investment community.
- Michael Saylor considers spot Bitcoin ETF approval to be the most significant Wall Street development in 30 years, anticipating a major bull run in 2024.
- K33 research analysts predict a spot Bitcoin ETF approval by January 10, 2024, citing recent ETF updates and strong Bitcoin price action.
The cryptocurrency world is excited as the possibility of spotting Bitcoin exchange-traded funds (ETFs) inches closer to reality.
Executives and experts from the crypto community have been sharing their thoughts on how this new investment vehicle could impact the broader financial markets.
Grayscale CEO: Unlocking Trillions in Wealth
Grayscale CEO Michael Sonnenshein sees the potential of spot Bitcoin ETFs as a game-changer.
“We’re really talking about the advise market here in the U.S., which is today about $30 trillion worth of advised wealth.”
He believes that there is renewed optimism in the Bitcoin market, with many investors adding Bitcoin to their portfolios. Sonnenshein looks forward to the approval of spot Bitcoin ETFs, as it would allow a broader segment of the investment community to access Bitcoin.
Michael Saylor: A Historic Development
Bitcoin advocate Michael Saylor goes even further, suggesting that the approval of a spot Bitcoin ETF could be the most significant development on Wall Street in the last 30 years.
He draws a parallel to the creation of the S&P index.
“The last thing that was this consequential was the creation of the S&P index and the ability to invest in all 500 S&P companies via one trade at the same time.”
According to Saylor, a spot Bitcoin ETF would provide mainstream retail and institutional investors with a “high bandwidth compliant channel” to invest in Bitcoin. He anticipates a surge in demand, coupled with a supply shock in April due to the Bitcoin halving event, setting the stage for a major bull run in 2024.
Samson Mow and Anthony Pompliano: Optimism and Realism
Jan3 CEO Samson Mow believes that Bitcoin ETFs could not only boost Bitcoin’s price but also enhance its branding and marketing. He envisions asset managers competing for assets under management, resulting in a positive advertising battle for Bitcoin.
On the other hand, crypto investor Anthony Pompliano acknowledges the significance of ETF approval but remains cautious about expectations. He describes it as an “ultra bullish development” but emphasizes that it may not cause an overnight doubling of Bitcoin’s price.
Oliver Velez: Real Bitcoin vs. ETF
Bitcoiner Oliver Velez offers a unique perspective, comparing buying Bitcoin ETFs to buying “real Bitcoin.” He views spot BTC ETFs as akin to “buying paper Bitcoin” with annual charges, while acquiring actual Bitcoin is a one-time cost.
Velez insists that true Bitcoin enthusiasts prefer dealing with the real thing, free from custody costs.
K33 Report: Approval on the Horizon
K33 research analysts suggest that the approval of a spot Bitcoin ETF by January 10, 2024, is almost certain.
Recent updates from ETF filers, including BlackRock and ARK Invest, adopting a cash-creation setup for their funds indicate a strong likelihood of approval.
“This is indicative of BTC’s strong rally attracting new buyers while also motivating profit-taking by sellers, leading prices to consolidate on elevated trading volume.”
While opinions vary on the extent of the impact, there is a shared sense of anticipation and excitement surrounding the potential approval of spot Bitcoin ETFs.
As the crypto community eagerly awaits regulatory decisions, the financial world braces itself for what could indeed be a historic development in the realm of digital assets.