In an interview with CNBC, Tom Farley said that if the US Securities and Exchange Commission (SEC) approves a spot Bitcoin ETF, it will expand opportunities for institutional investors who want to enter the cryptocurrency market. A Bitcoin-linked spot ETF will allow investors to gain direct exposure to the underlying asset, unlike the futures exchange-traded funds already available in the market.
“Cryptocurrency ETFs will be a game changer for Bitcoin. Everyone, even regulators, now recognizes that Bitcoin is not a security. With Bitcoin ETFs, money will flood into the industry because people believe in Bitcoin. Bitcoin is a great invention and a reliable means of saving money,” Farley said.
A significant influx of capital into the crypto market due to the possible approval of a spot ETF in the United States will be a prerequisite for the growth of Bitcoin in the long term, Farley is sure. CNBC’s “Squawk Box” co-host Joe Kernen noted that Farley previously ran the New York Stock Exchange and has now focused on Bitcoin and other cryptocurrencies, which is building confidence in the asset class.
Bullish recently announced the acquisition of cryptocurrency publication CoinDesk for $50 million, a deal that was closed entirely in cash. Previously, the former president of the NYSE bid to buy the bankrupt cryptocurrency exchange FTX.
Source: Bits
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