Crypto industry leaders are optimistic about the approval of spot bitcoin ETFs in the U.S., foreseeing increased adoption and a more mature market. Anthony Scaramucci, former White House communications director and managing partner at SkyBridge Capital, believes that this approval validates bitcoin as a legitimate asset and will contribute to mainstream education and acceptance of blockchain-based assets. Binance CEO Richard Teng sees spot bitcoin ETFs as a way to make bitcoin more accessible to a wider range of investors.
Asset managers also express optimism about the approval. Grayscale, which has converted its Grayscale Bitcoin Trust into a spot bitcoin ETF, has been credited for pushing this through the courts. Fidelity’s Head of Digital Asset Management, Cynthia Lo Bessette, sees the approval as positive momentum for the industry, while VanEck CEO Jan van Eck advises investors to consider the commitment of ETF sponsors when choosing which ETF to invest in.
Despite the celebration, SEC Chair Gary Gensler clarified that the approval of spot bitcoin ETFs doesn’t represent any endorsement of bitcoin and shouldn’t be interpreted as a signal to approve other crypto asset securities. Moody’s SVP of digital finance, Rajeev Bamra, believes that the ETF approval could lead to a more stable and liquid market, but sustainability depends on monetary policy-making and the availability of compliant products for institutional investors. Moody’s Analytics Senior Director, Yiannis Giokas, points out that the volatility of bitcoin and its values against stablecoins and other cryptocurrencies expose mainstream investors to unfamiliar investment risks.
In summary, the approval of spot bitcoin ETFs is seen as a significant milestone for the crypto industry, with leaders expecting increased adoption and a more mature market. However, concerns about bitcoin price volatility and the need for compliant products for institutional investors remain.