XRP Now Braced For A Huge Multi-Trillion Wall Street Earthquake: Forbes
In a recent Forbes publication from Forbes contributor Billy Bambrough, the crypto market is said to be bracing for a seismic event with digital assets like XRP and Bitcoin at the center of impact.
Billy Bambrough cited that Bitcoin has experienced a remarkable surge to approximately $38,000 from around $15,000 last year. BTC’s lowest value last year was $15,476 in November. Likewise, XRP has equally surged over 56% to $0.61 from $0.3986 recorded a year ago.
Amid the praiseworthy performance of XRP and Bitcoin, the Forbes contributor noted a substantial influx of capital is about to hit the crypto market. This view is per a projection from the former New York Stock Exchange president, Tom Farley.
$48.3 Trillion Flooding in XRP, Bitcoin
Per the disclosure, this crypto surge is expected to occur upon the approval of the much-awaited Bitcoin spot exchange-traded fund (ETF). Farley remarked concerning Bitcoin ETF:
“Money will flood into the industry with a Bitcoin ETF. It’s just easy to buy it. People believe in Bitcoin. Bitcoin is a great invention. It is a store of value.”
Farley’s sentiment echoes the prevailing market optimism, fueled further by BlackRock’s move to apply for a Bitcoin spot ETF. The Forbes contributor argued that BlackRock’s filing set off a frantic rush on Wall Street to introduce a Bitcoin fund.
Furthermore, he cited Coinbase researchers forecasting that the impending Bitcoin ETF boom could pave the way for the $48.3 trillion U.S. wealth management industry to enter the crypto market en masse.
Moreover, Bambrough highlighted that crypto traders have received a further boost as prominent asset manager Grayscale secured a legal triumph against the U.S. regulator. Specifically, the U.S. court instructed the SEC to reevaluate Grayscale’s proposal to transform into a Bitcoin spot ETF.
However, amid the prevailing optimism, Bambrough noted that some market observers exercise caution regarding the impact of a Bitcoin ETF on the market. Laurence Latimer, CEO of Dinara, argued:
“While everyone predicts that a Bitcoin ETF and an Ethereum ETF will get approved and launch with tremendous enthusiasm, we believe that the actual uptake will be slower than anticipated.”
Meanwhile, Latimer predicts that approving a Bitcoin ETF will drive increased demand for Bitcoin. The Dinara CEO believes it would propel prices and reshape public perception of Bitcoin from a potential negative headline to a positive force, accelerating mainstream adoption.
Ultimately, as Bitcoin sees heightened value following the approval of a Bitcoin spot ETF, other digital assets, such as XRP, are expected to experience a comparable upward trajectory.