The possible introduction of a bitcoin spot ETF (exchange-traded fund) in the United States may have been the talk of the decade in the cryptocurrency space. While more than a dozen applications await approval from the U.S. Securities and Exchange Commission, there has been widespread commentary about the potential impact of a spot exchange-traded fund on bitcoin and the broader crypto market.
Cory Klippsten, CEO of Swan bitcoin, is among the latest people to weigh in on how a bitcoin Spot ETF will affect the crypto landscape, especially the btc market.
bitcoin Spot ETF Will Transform Market Entry Point: Cory Klippsten
in a interview with Bloomberg On Friday, December 1, Cory Klippsten gave his two cents on the approval of bitcoin spot ETFs and how it changes the game for the leading cryptocurrency. The crypto CEO said he hopes bitcoin-news/bitcoin-etf-approval-date-hinted-by-expert-sec-decision-expected-january-5th-10th-2024/” target=”_blank” rel=”noopener nofollow”>Numerous ETF applications to receive SEC approval. at the beginning of January.
Klippsten believes that an exchange-traded fund changes the story of bitcoin, especially in terms of a gateway or gateway for new investors. The Swan bitcoin executive claims that the entry point for people looking to venture into bitcoin is somewhat tainted.
Klippsten said in a statement:
Over the past six years, from 2017 to 2023, the top of the funnel for people looking to get into bitcoin has been extremely noisy, tainted by all the cryptocurrency marketing schemes funded by $50 billion in venture capital, which are essentially trying to trade and divest cryptocurrencies. records.
The crypto CEO believes a bitcoin spot ETF would help replace these noisy marketing schemes with programs from the “world's largest and most trusted financial institutions.”
Furthermore, Klippsten clarified that the exchange-traded fund is a decent investment product that will function similarly to a promissory note. He also differentiated a bitcoin spot ETF from its futures-based alternative, calling it “paper bitcoin,” as the product is backed by actual currency.
The CEO added:
I think it's a great stage for people to get into bitcoin, and then if they want to dig a little deeper and explore it and have more, what we've seen historically is that as people buy more and learn more, they take self-custody. And then they will move from that ETF product to holding actual bitcoin.
In essence, the CEO believes that bitcoin spot ETFs will offer a secure gateway for new investors, potentially increasing genuine adoption of the leading cryptocurrency.
bitcoin price
At the time of writing, the btc price stands at $39,516, reflecting a 2% price increase in the last 24 hours. With a market capitalization of $772 billion, bitcoin maintains its position as the largest cryptocurrency in the sector.
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bitcoin price continues on upward momentum on the daily timeframe | Source: BTCUSDT chart on TradingView
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