Swan bitcoin CEO Cory Klippsten has suggested that spot bitcoin (btc) exchange-traded funds (ETFs) will do away with the loud, flashy marketing strategies that have served as the initial gateway for many into the crypto space since 2017.
During a recent interview In an interview with Bloomberg on December 1, Klippsten reiterated that bitcoin ETFs offer an alternative entry to the market at a time when it has been tainted by well-funded crypto marketing schemes:
“Over the last 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”.
He went on to clarify that an ETF works similarly to a promissory note, differentiating it from a futures-based alternative. Essentially, it represents a printed form of bitcoin, but requires the company to support investors by purchasing actual bitcoin.
“I think it's a great top of the funnel for people to get into bitcoin and then if they want to dig a little deeper and explore it, and have more,” he said.
Furthermore, aligning with the views of other crypto analysts who posit a “clear runway” for bitcoin ETF approval in January, Klippsten expressed similar optimism.
“That window appears to have narrowed to January 8, 9 or 10. It seems to make a lot of sense given all the signals we've received from the SEC and people in the know,” he said.
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This comes after a major bank recently stated that bitcoin ETFs will increase the price of bitcoin by 165% in 2024.
On November 30, banking giant Standard Chartered forecast that bitcoin should reach six figures by the end of 2024.
Meanwhile, Geoff Kenrick, head of EM FX Research, West and crypto Research at Standard Chartered, mentioned that the recent change in forecasts suggests the possibility of further price increases before April 2024:
“We now expect a larger price rally to materialize ahead of the halving than before, specifically through the earlier-than-expected introduction of US spot ETFs.”
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