It has been just revealed the fact that there is a specific trigger that could bring loads of cash into Bitcoin. Check out the latest reports about the matter below.
Bitcoin prediction is out
The ex-president of New York Stock Exchange (NYSE), Tom Farley, who is currently the CEO of the crypto exchange Bullish, recently stated that Bitcoin (BTC) and other cryptocurrencies will experience a surge in cash flow due to the launch of Bitcoin exchange-traded funds (ETFs).
However, Farley is not optimistic about the approval of a BTC ETF this year. He shared his thoughts in a recent interview with CNBC Television.
“I guess I’m a little less optimistic of the immediacy of an approval, in other words, like November or even December. The current Chairman and the SEC (U.S. Securities and Exchange Commission) have said they believe that pretty much everything in crypto, with the exception of Bitcoin, sometimes Ethereum, and possibly stablecoins are securities.
And securities, at least in the United States, need to trade on a nationally-recognized exchange and they do not today. And I think these two issues, at the moment, are interwoven. That doesn’t mean they can’t be decoupled, but I think there’s a view that ‘Hey, if these don’t trade on an exchange, how do we know that the underlying prices are trustworthy?’”
Farley suggests that although he doesn’t think BTC ETFs will be approved this year, the fact that investors and regulators have acknowledged that Bitcoin is not a security could speed up the approval process.
He believes that this is a positive sign for the industry as a Bitcoin ETF could attract a lot of money into it. People have faith in Bitcoin and its ability to serve as a store of value, despite its volatility.
Stay tuned for more news from the crypto space.
