Grayscale CEO Foresees $30 Trillion Boost from Spot Bitcoin ETF”

Samson Mow of Jan3 believes ETFs could boost Bitcoin's branding and market presence, predicting a potential acceleration of its value.

Grayscale CEO Foresees $30 Trillion Boost from Spot Bitcoin ETF"
Grayscale CEO Foresees $30 Trillion Boost from Spot Bitcoin ETF"

In the midst of ongoing preparations for spot Bitcoin exchange-traded funds (ETFs), executives from all sectors of the cryptocurrency industry have been discussing their perspectives on the potential impact that the new investment vehicle for cryptocurrency could have on wider markets.

Over the course of an interview with CNBC, Grayscale CEO Michael Sonnenshein emphasized his idea that there is a great deal of optimism in the Bitcoin market once again and that a great number of investors are adding Bitcoin to their portfolios.

“We’re really talking about the advise market here in the U.S., which is today about $30 trillion worth of advised wealth.”

The executive also stated that he is looking forward to the introduction of spot Bitcoin exchange-traded funds (ETFs), which would allow members of the financial community who have not yet had the opportunity to participate in Bitcoin to gain exposure to the cryptocurrency.

Sonnenshein explained that Grayscale is one of the leading contenders for the approval of a spot Bitcoin ETF. Grayscale is interested in converting its flagship Bitcoin trust into an exchange-traded fund (ETF), and on November 22nd, representatives from Grayscale met with the trading and markets division of the United States Securities and Exchange Commission (SEC) to discuss the specifics of the organization’s Bitcoin trust.

The CEO of Jan3, Samson Mow, who predicted that exchange-traded funds (ETFs) might accelerate Bitcoin values over $1 million, feels that ETFs could aid in the branding and marketing elements of Bitcoin. This is in addition to the fact that funds are constantly streaming into Bitcoin.

Mow explained in a thread on X (formerly known as Twitter) how the competition among asset managers for greater assets under management (AUM) will lead to an advertising battle that benefits Bitcoin.

On December 19, Michael Saylor, co-founder of MicroStrategy, stated that Bitcoin exchange-traded funds (ETFs) would be the most significant breakthrough in Wall Street in the past thirty years.

Saylor elaborated that exchange-traded funds (ETFs) will serve as a catalyst that promotes demand for Bitcoin products. It is the executive’s belief that this will make it possible for mainstream retail investors and institutional investors to have exposure to Bitcoin.

Some people may believe that the price of Bitcoin would skyrocket overnight, while others believe that the price “won’t double” overnight, even with the approvals of exchange-traded funds (ETFs).

Anthony Pompliano, an investor in cryptocurrencies, is of the opinion that the exchange-traded fund (ETF) is an “ultra bullish development,” but it is unlikely that it would affect a significant portion of the market. On the other hand, Bitcoiner Oliver Velez compared purchasing Bitcoin exchange-traded funds (ETFs) to selling “real Bitcoin.”

The purchase of a spot Bitcoin exchange-traded fund (ETF) is analogous to “buying paper Bitcoin” because it incurs a cost on an annual basis, but the purchase of actual Bitcoin is a “once in a lifetime cost.” The Bitcoin supporter stated that genuine Bitcoin users only deal with genuine Bitcoins that do not incur any custody fees.