The CEO of Coinbase, Brian Armstrong had a very interesting thing to say about the SEC’s approvals of spot BTC ETFs. Check out the latest reports about this below.
Coinbase CEO on spot BTC ETF approval
The CEO of Coinbase, Brian Armstrong, has shared his thoughts on the impact of the recently approved spot market Bitcoin (BTC) exchange-traded funds.
In a recent interview with CNBC Squawk Box, Armstrong stated that the spot BTC ETFs are likely to attract new sources of capital into the crypto market.
“This is a monumental step for the crypto industry and for Coinbase too. And the reason is that there’s 52 million Americans who have been using crypto over the past decade. And I think they’ve been hungry for some kind of acknowledgment from the government and the SEC (U.S. Securities and Exchange Commission) in particular that this asset class is here to stay. And they finally got that. It took a long time.
I want to give a big shout-out to Grayscale, which is one of the firms that pursued this in the court to finally get it to fruition, but it finally happened. We had a number of ETFs approved [Wednesday]. And of course, it was a big day for Coinbase too, because we were named as the custodian in 10 out of 13 of these applications. So, I think this means that over time we’ll see new pools of capital come into Bitcoin.
But more importantly, we had a huge regulatory milestone that showed the legitimizing power of this industry.”
Armstrong believes that new users coming into the crypto space through the spot BTC ETF product will soon expand their involvement in digital assets.
“This ETF is really about unlocking new pools of capital that weren’t previously available. They didn’t have a way to get exposure to crypto and so now they can come and get exposure to Bitcoin. That’s great. New pools of capital come in. But that’s kind of the first step in people’s journey around crypto…
I think many of them will graduate from ETFs to actually holding it directly and then starting to use it directly.”
The Coinbase CEO predicts that the spot BTC ETFs are going to lead to a massive palette of crypto-related financial products.