A spot Bitcoin exchange-traded fund (ETF) could rapidly become a $100 billion market, according to new projections by analysts at Bloomberg Intelligence. This prediction comes as Wall Street waits in anticipation for the SEC to finally approve the first Bitcoin ETF in the US.
Earlier this month, crypto firm Galaxy Digital held a call with around 300 investment professionals to discuss allocating funds to Bitcoin ahead of an expected ETF approval.
According to Jeff Janson of Summit Wealth, which manages $550 million in client assets, substantial institutional interest is building around Bitcoin largely due to the likely ETF debut.
“My belief is that once you have access to Bitcoin in an ETF wrapper, I think you’re going to have a substantial amount of interest from institutional investors,” Janson told Bloomberg. “We want to perform well for our clients and we think that a Bitcoin ETF is going to be a differentiator in how we perform versus other advisors.”
Additionally, Chuck Cumello, CEO at Essex Financial Services, mentioned receiving inquiries from high-net-worth investors regarding a potential ETF. Cumello stated that SEC’s approval would be a “game changer” that makes investing in the digital asset easy through a client’s existing investment account.
Currently, ETF applications have been submitted by several major traditional finance players, including Fidelity, Ark Invest, and BlackRock, the world’s largest asset manager with over $9 trillion under management. While some experts have touted the inevitability of approval, others like BitGo CEO Mike Belshe warn that the SEC will likely reject another round of ETF bids in the near term.
In a recent Bloomberg TV interview, Belshe explained that the dual nature of modernRead more on cryptonews.com