Why spot ETFs may be a game changer for bitcoin

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Then the flood gates open

The Securities and Exchange Commission’s approval of 11 spot Bitcoin ETFs this week could be a turning point for cryptocurrency investing.

Cathie Wood, CEO and Chief Investment Officer of Ark Invest, is behind one of the new ETFs. Their company partnered with 21Shares to launch the ARK 21Shares Bitcoin ETF.

“We really believe this is an important moment for us to help democratize Bitcoin access and give more people access,” Wood told ETF Edge on Monday.

The first-ever batch of spot ETFs began trading on Thursday. interest of investors Bitcoin There was a surge ahead of the historic ETF approvals. As of Friday, the cryptocurrency is up more than 125% in the past 12 months.

Wood said the impact on Bitcoin prices will be felt as financial firms gain more attention through the new tools.

“If institutions with trillions of dollars under management would simply bet 0.2[%] or 0.5% in, that could really tip the balance,” Wood said.

Ophelia Snyder's company 21.co is heavily involved in the cryptocurrency space. According to its website, the company “bridges traditional finance and decentralized finance for easy crypto access.”

“It is also part of a new wave of disruptive technology,” the company’s president and co-founder told ETF Edge.

Snyder argued that Bitcoin is more than just a new asset class.

“It is also part of a new wave of disruptive technologies.”

Ophelia Snyder

21.CO President and Co-Founder

“There's still a lot of work to be done in terms of how this will actually interact with both the world as a whole and our economies and, quite frankly, how it will ultimately interact with your portfolio,” she said.

Snyder also said that the impact that wider Bitcoin access could have on the broader market “cannot be underestimated.”

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