Wall Street Eyes $100B Crypto Surge Amid Bitcoin ETF Hype
Wall Street Eyes $100B Crypto Surge Amid Bitcoin ETF Hype
Wall Street experts projected a $100 billion upswing in the cryptocurrency market following the awaited approval of Bitcoin exchange-traded funds (ETFs).
Notably, the participation of industry giants like BlackRock, Fidelity, and Invesco boosted the market optimism.
According to a Bloomberg report, prominent money managers expect the US Securities and Exchange Commission (SEC) to finally approve Bitcoin ETFs.
In its earlier decisions, the SEC had rejected all spot BTC ETF applications, expressing concerns about fraudulent activities. However, a notable shift in this stance is now on the horizon following the regulator’s legal setback in August.
Remarkably, the possible regulatory change, expected by mid-January or earlier, opens the door for a reevaluation. Analysts predict the spot-Bitcoin ETF market could drive a $100 billion surge, signaling increased institutional interest.
Summit Wealth adviser Jeff Janson, who manages a $550 million portfolio, mentioned his preparations for potential demands from clients. He further cited that SEC approval will elevate institutional interest once BTC becomes accessible in this new investment initiative.
In a similar stance, Compass Financial Advisors Chris Swanson and James Weber predict that their existing crypto investments will flow into Bitcoin ETFs.
Despite this optimism, not everyone shares the same outlook, as the last FTX issue has tempered enthusiasm for digital tokens. In line with this, Bitcoin has not reached its 2021 high despite the latest market rally.
Moreover, Hedge fund manager Paul Tudor Jones maintained a cautious silence, highlighting that scam incidents have added skepticism to the industry's credibility.
At present, investors can access Bitcoin through futures-based ETFs, incurring additional costs. Correspondingly, experts highlighted that a direct Bitcoin ETF could be a potential game-changer, simplifying the trading process.
