Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

'ETF multiplier effect' to spark BTC frenzy, Swan Bitcoin CEO predicts

CointelegraphCointelegraph2024/02/01 17:03
By:Marco Castrovilli

The marketing around the recelty approved spot Bitcoin exchange-traded funds will lead to more capital flowing directly into Bitcoin than that flowing into the ETFs, according to Swan Bitcoin CEO Cory Klippsten. He calls this phenomenon “The ETF multiplier effect.”

“Because of the existence of the ETFs and the credibility of these large financial firms getting into the space and validating it in the eyes of investors [...] A lot more Bitcoin will be purchased through all the other sellers around the world,” Klippsten explained during an exclusive Cointelegraph interview.

Despite capital outflows from the Grayscale Bitcoin Trust (GBTC) putting downward pressure on Bitcoin's price, Klippsten remains extremley bullish in the long term. 

Klippsten believes "there is a pretty good likelihood” an Ethereum ETF will be approved soon in the U.S., mainly due to the influence of Consenys and the Ethereum Fondation over U.S. regulators.

While an ETF approval may grant Etheruem a stamp of legitimacy , Klippsten says, the second largest cryptocurrrency will still be regarded as centralized, unlike Bitcoin. 

“It will trade like a tech stock at best,” he said.

To find out more on Klippsten’s outlook on Bitcoin following the ETF approval, watch the full interview on our YouTube channel and don’t forget to subscribe.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Critical FED Interest Rate Decision Expected in Bitcoin Today! What Time Will It Be Announced? Here Are the Expectations and Things to Know!

While the FED's interest rate decision is awaited in Bitcoin today, it remains unclear whether the FED will reduce interest rates by 25 basis points or 50 basis points.

Bitcoinsistemi2024/09/18 20:06

Last Minute Interest Rate Announcement from BofA and Two Companies – Here is the Decision They Expected Just Ahead

Analysts from BofA and two other firms shared their latest expectations for the Fed's interest rate decision, which is now just minutes away.

Bitcoinsistemi2024/09/18 20:03