The US Securities and Exchange Commission (SEC) has officially approved Bitcoin Spot ETFs, a milestone for the cryptocurrency world.
Following the announcement, former Binance CEO Patrick Hillman shared his views on the potential impact of this development. “The market will probably over-index over the next 72 hours and push the price up, which I expect will eventually correct,” Hillman predicted. He also suggested that the days of a volatile Bitcoin market are numbered.
Hillman also commented on the international implications of the SEC's decision. “Outside the US, most serious regulators are gearing up for widespread adoption and trying to implement new rules for digital assets. While the pending chaos in the US had forced them to slow down those efforts, this will likely speed things up,” he said.
Despite the excitement surrounding the approval of Bitcoin Spot ETFs, Hillman reminded investors that ETFs will not organically impact the price of Bitcoin for some time. “Be aware of what will and will not influence price movements in the coming weeks. This is a slow-moving train, but its inertia should not be underestimated,” he warned.
*This is not investment advice.