The cryptocurrency landscape is on the verge of a revolution with the potential approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) that could mobilize capital of around $100 billion. This optimistic forecast was recently released by Bloomberg Intelligence, marking a pivotal moment for the cryptocurrency market.
Leading the investment movement, giant Galaxy Digital held a conference this month with around 300 investment experts, discussing capital allocation in BTC ahead of the anticipated launch of the Bitcoin ETF. This initiative signals a growing institutional interest in Bitcoin, mainly due to the expectation of ETF approval.
Jeff Janson of Summit Wealth, responsible for managing $500 million in assets, expressed contagious optimism. I feel like we’re now looking down the barrel of the SEC’s gun, finally delivering approval… And my belief is that once you have access to this in this kind of packaging, I think you’re going to have a significant amount of institutional-level support. interest… We want to make sure we perform well for our clients and we believe this will be a differentiator in our performance compared to other consultants.”
Several requests for a Bitcoin ETF in the spot market have already been submitted by influential names in the traditional financial market, such as Fidelity, Ark Invest and, notably, BlackRock, the largest asset manager in the world, with more than 9 trillion dollars under management.
However, the path to approval is not without obstacles. Mike Belshe, CEO of BitGo, in a recent interview with Bloomberg Television, expressed caution. He pointed to the duality of modern crypto companies like Coinbase, which act as both an exchange and a custodian, as a possible stumbling block to SEC approval. “We are all excited about the ETF. It’s definitely getting closer… But I think it’s quite likely that we’ll have another round of ETF rejections before we get any positive news,” Belshe said.
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Source: https://portalcripto.com.br/bloomberg-intelligence-preve-explosao-de-us-100-bilhoes/
