Swan Bitcoin CEO Cory Klippsten believes that the potential introduction of spot Bitcoin (BTC) ETF in the United States will present investors with a less chaotic entry into the crypto ecosystem. Generally, Klippsten thinks a spot Bitcoin ETF will transform the crypto market entry point which is already tainted by some noisy marketing schemes.
BTC ETF Will Drive Institutional Adoption
With the coming of a Bitcoin ETF, these polluted schemes will be replaced by programs from the “largest, most trusted financial institutions on the globe,” the Swan Bitcoin CEO told Bloomberg on Friday. In the long run, the anticipated ETF offering is billed to drive the genuine adoption of the flagship cryptocurrency.
Klippsten sentiment is somewhat similar to that held by Mike Novogratz, Galaxy Digital founder and CEO. The top crypto player sees the possibility of the integration of Bitcoin ETF driving institutional adoption of Bitcoin by 2024. He is also positive that the ripple effect will be seen with other crypto assets as they will hit new milestones.
SEC Delays Bitcoin ETF Decision
There are currently more than twelve spot Bitcoin ETF applications including that of BlackRock, Fidelity, ARK 21Shares, and WisdomTree, waiting for a decision from the U.S. SEC.
For the last six months, the coming of a Bitcoin ETF has been the most talked about subject in the crypto industry and even amongst traditional institutional investors. Though the SEC chose to delay its decision on each of these ETF filings, this has not caused the level of positivity in the hearts of crypto enthusiasts as regards approval to diminish.
Spot BTC ETF Approval Might Come in Jan 2024
SkyBridge Capital founder Anthony Scaramucci confidently stated that a spot Bitcoin ETF approval is coming by January 10, 2024, adding that it makes a lot of sense to have the approval on the said date while also as it is the most likely outcome.
Coinbase Chief Legal Officer Paul Grewal is also very optimistic about the imminent launch of the ETF offering, especially after a federal court ruled in favor of Grayscale over its GBTC.
Similarly, senior Bloomberg ETF analysts Eric Balchunas and James Seyffart still maintain that the odds of receiving approval from the SEC is 90%