Nate Geraci, President of The ETF Store, made a bold prediction for 2024. He believes that cumulatively, spot Bitcoin ETFs will break all existing ETF launch records.
“Bitcoin Spot ETFs Will Rewrite the ETF Record Book”
Despite the skepticism of many of his peers in the ETF industry, Geraci is confident that pent-up demand for spot Bitcoin ETFs will overcome any potential hurdles. According to Geraci, these obstacles include a less active cryptocurrency market environment, hesitant financial advisors who need a solid track record before investing, and restrictions imposed by brokers and asset management platforms on accessing these products.
Geraci's confidence in the demand for spot Bitcoin ETFs stems from the entry of major asset managers such as BlackRock, Fidelity and Invesco into the race for spot Bitcoin ETFs. According to the analyst, these companies, known only for pursuing significant opportunities, are expected to have done their due diligence and lined up early investors.
Competition in the spot Bitcoin ETF category is not limited to these three companies. The fifteen largest ETF issuers, WisdomTree, VanEck and Global X, are also in the fray, according to Geraci. Other notable names include ARK Invest and Franklin Templeton. Grayscale is also preparing to convert its $26 billion Grayscale Bitcoin Trust (GBTC) into an ETF.
Geraci concludes by stating that the high demand from these investors will lead to the rewriting of the ETF record books. However, he adds that this prediction is not for the future price of Bitcoin.
*This is not investment advice.
