Grayscale CEO Michael Sonnenshein estimates that the approval of a spot Bitcoin ETF could inject up to $30 trillion into the cryptocurrency market, emphasizing its significant impact.
Jan3 CEO Samson Mow, who predicts Bitcoin reaching $1 million per coin, envisions ETFs not only influencing prices but also playing a critical role in Bitcoin’s branding and marketing.
Leaders in the crypto industry, including Grayscale’s Michael Sonnenshein, express their perspectives on the potential influence of spot Bitcoin ETFs on the broader markets.
During a CNBC interview, Michael Sonnenshein, Grayscale’s CEO, conveys the prevailing optimism in the Bitcoin market, noting increased investor interest in incorporating Bitcoin into their portfolios.
Expressing excitement about potential spot Bitcoin ETF approval, Sonnenshein believes it could broaden access to Bitcoin within a new segment of the investment community.
“We’re really talking about the advise market here in the U.S., which is today about $30 trillion worth of advised wealth.”
Grayscale, a prominent asset manager, is actively pursuing spot Bitcoin ETF approval from the U.S. Securities and Exchange Commission (SEC).
In November 2022, Grayscale representatives met with the SEC’s trading and markets division to discuss converting their Bitcoin trust into an ETF, providing direct stock market trading for investors.
Jan3 CEO Samson Mow anticipates ETFs, previously suggested to drive Bitcoin prices to $1 million, playing a crucial role in Bitcoin’s branding through a competitive marketing landscape.
Michael Saylor, MicroStrategy co-founder, declares Bitcoin ETF approval as the most significant Wall Street development since stock options in 1973, foreseeing it as a catalyst for increased Bitcoin demand.
Saylor argued that Bitcoin ETFs will simplify mainstream investor access to Bitcoin, acting as a key driver for demand.
While optimistic about Bitcoin ETFs, Anthony Pompliano acknowledges their “ultra bullish development” but tempers short-term price expectations, foreseeing a more gradual impact on the market.
Bitcoin investor Oliver Velez highlights a fundamental difference between buying Bitcoin directly and through ETFs, emphasizing the recurring cost of management fees associated with ETFs compared to a one-time cost for buying Bitcoin.
Velez asserts that individuals identifying as “real Bitcoiners” will prefer engaging exclusively with “real Bitcoin” and will reject the trade-off of utilizing an ETF, considering its associated custody costs.
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