Cryptocurrency proponents say a spot Bitcoin ETF could be a 'turning point' that could add billions of dollars of value to the crypto market.
“Bitcoin ETF has been on the agenda for a long time,” said Bybit co-founder and CEO Ben Zhou.
“But now, with the involvement of BlackRock and other traditional financial giants, the odds of approval are higher than ever. “If approved, its effects will permeate the entire crypto market and bring not only new money but also a new sense of trust.”
However, he argues that this move will be a turning point for the broader crypto space, but not a necessary requirement for success. “The last two years have proven that you can throw just about anything at Bitcoin, including bankruptcies, hostile regulations, and a banking crisis, and it still outperforms almost every asset in the world,” he added.
Coinbase's director of institutional research, David Duong, had previously said the following about the potential impact of Bitcoin Spot ETFs:
“In the long term, this means spot BTC ETFs could add billions of dollars to total crypto market cap and trigger new potential investments for this asset class. While this will take time, we expect ETFs to lay the foundation for a more regulated environment, greater participation and significant growth in demand.”
*This is not investment advice.