Coinbase UK CEO Daniel Seifert described the launch of Bitcoin ETFs in the US as a 'tremendous turning point' for the global cryptocurrency industry in a recent interview.
He also described the upcoming launch of cryptocurrency Exchange-Traded Notes (ETNs) in the UK as a 'positive step' forward.
Seifert had previously discussed the potential of crypto ETNs with UK Treasury Economic Secretary Bim Afolami at a Coinbase event. He expressed his belief that these financial instruments will be beneficial for the crypto industry and can help the UK become a major hub for cryptocurrency.
The UK's market regulator, the Financial Conduct Authority, has given the green light to the launch of crypto ETNs, albeit only for institutional investors. Seifert sees this as validation of the UK's strategic approach to cryptocurrencies. “We think this is a validation for the UK and its strategy. And I think the future is bright,” he said.
Turning his attention to the US, Seifert praised the recent launch of Bitcoin ETFs:
“The launch of ETFs in the United States and the fact that it has generated such momentum and buzz globally, I think is a very important milestone for the cryptocurrency industry as a whole.”
He noted that the launch of Bitcoin ETFs has led to an influx of institutional capital into the crypto ecosystem because traditional investors now have a new way to explore this space. The analyst expects this trend to continue as more products may be on the horizon and asset managers such as BlackRock and Fidelity are now discussing Bitcoin ETFs with their client base.
When asked about the possibility of Bitcoin ETFs becoming available in the UK, Seifert replied: “I would say more choice for consumers is always good.”
*This is not investment advice.