Coinbase exec claims spot Bitcoin ETF is not overhyped

Coinbase state caput for Singapore Hassan Ahmed believes the support of a spot Bitcoin exchange-traded funds (ETF) volition beryllium the catalyst for a “structural marketplace change” for the flagship integer asset.

Ahmed made the connection during an appearance connected CNBC International connected Jan. 2. He said:

“[The ETFs] are arsenic large a woody arsenic radical are making it retired to be.”

Ahmed added that the ETF hype is much than a specified inclination and volition make a regulated way for  trillions of dollars to travel into the manufacture that has truthful acold been “locked retired of the plus class.”

SEC making mode for ETF

Ahmed said that the SEC is presently making mode for the ETFs, which person been successful the works for much than a decennary now. He said it is apt that the SEC volition springiness the manufacture an update by the Jan. 10 deadline.

According to the Coinbase exec, the SEC is improbable to cull the spot ETFs arsenic its “hand has been forced” by approving the futures Bitcoin ETF successful the past. Since the 2 are akin structurally, the regulator does not person a bully crushed to proceed rejecting them.

He added that the regulator’s caller actions constituent to a affirmative outcome; however, thing is simply a “done deal.”

Ahmed said that erstwhile these ETFs are approved, it volition further “destigmatize and legitimize” Bitcoin for organization investors similar wealthiness managers and plus managers successful the U.S. who person been waiting connected the sidelines for years now.

The ETFs volition astir surely pb to accrued request for the flagship cryptocurrency.

Explosive maturation factors

Ahmed pointed retired 2 cardinal catalysts for Bitcoin successful 2024: an summation successful request and a simplification successful proviso owed to the upcoming halving event. He posited that these factors could pb to explosive maturation for Bitcoin.

Ahmed added that the request for Bitcoin artifact abstraction is rising connected the backmost of Ordinals and Inscriptions, which has led to BTC transaction fees hitting a “relative precocious since 2020.”

According to the Coinbase executive, this inclination volition pb to further miner gross and web information successful the agelong term.

The imaginable support of this ETF is seen arsenic a pivotal infinitesimal successful the cryptocurrency sector, indicating a increasing acceptance and organization involvement successful integer assets. This development, Ahmed suggests, could supply a compliant and acquainted transmission for plus managers and allocators to prosecute with the plus class.

The station Coinbase exec claims spot Bitcoin ETF is not overhyped appeared archetypal connected CryptoSlate.