FORBES Praises Bitcoin: „Money Will Flood Onto the Industry With a Bitcoin ETF“

It seems that Bitcoin is making it into the mainstream media again! Check out the latest reports about how Bitcoin will explode in price and the whole crypto space as well.

The price of Bitcoin has recently surged to approximately $38,000 per bitcoin, a remarkable increase from its lows of roughly $15,000 per bitcoin in the previous year.

This surge is attributed to the increasing expectations of an imminent Wall Street crisis.

Meanwhile, as the market is still reeling from the recent announcement by the U.S. government about the potential collapse of Binance, the former president of the New York Stock Exchange has predicted that the approval of a long-awaited bitcoin spot exchange-traded fund (ETF) will lead to an influx of money into the market.

“Money will flood into the industry with a bitcoin ETF, it’s just easy to buy it,” Tom Farley, who is now the chief executive of the Peter Theil-backed bitcoin and crypto exchange Bullish, told CNBC. “People believe in bitcoin. Bitcoin is a great invention. It is a store of value.”

Following the US government’s announcement of a “countdown” to Binance’s possible collapse, the former president of the New York Stock Exchange has predicted a surge of money into the market once a highly anticipated bitcoin spot exchange-traded fund (ETF) is approved.

BlackRock’s filing for a bitcoin spot ETF has initiated a rush among Wall Street firms to launch their own bitcoin funds. Coinbase researchers have suggested that the expected rise in bitcoin ETFs could encourage the $48.3 trillion US wealth management industry to enter the crypto market.

Bitcoin and cryptocurrency traders received a boost when the asset management company Grayscale won a legal battle against the U.S. Securities and Exchange Commission (SEC).

The regulator has repeatedly rejected applications for a bitcoin spot ETF over the last ten years. However, the court has now ordered the SEC to reconsider Grayscale’s proposal to convert its flagship bitcoin trust into a fully-fledged bitcoin spot ETF.

Many believe this is a positive sign that the SEC will ultimately approve the proposal.

Farley, a regulatory expert, stated that everyone acknowledges that bitcoin is not a security, including the regulators. Last week, a high-profile ETF analyst claimed that leaked SEC chats suggest that the agency is in discussions with cryptocurrency exchanges over ETF applications.

Check out the complete article posted by Forbes in order to learn more about all this.