Ben Zhou, the co-founder and CEO of Bybit has expressed optimism over the approval of spot Bitcoin ETF however he additionally believes that this isn’t a “make or break” situation for the main cryptocurrency.
In his view, it’s the establishments that want the ETF, not Bitcoin. Pointing to Bitcoin’s resilience over the previous two years amid challenges resembling bankruptcies, regulatory hurdles, and banking crises, Zhou underlined that Bitcoin’s fundamentals drive its development. Zhou advised CryptoNews:
“The Bitcoin ETF has been a very long time coming. However now, with BlackRock and different TradFi juggernauts within the combine, the chances of approval are greater than ever. If authorised, the consequences will permeate the complete crypto market, bringing not solely new cash but in addition a brand new sense of confidence.”
Regardless of the optimistic outlook, Zhou acknowledged that there are nonetheless unresolved questions surrounding the potential a spot Bitcoin ETF approval. Nevertheless, he expressed confidence in Bitcoin’s capacity to outperform different property, regardless of regulatory developments. He added:
“There are nonetheless loads of inquiries to be resolved, however we all know this a lot: crypto isn’t too risky or unregulated to warrant an ETF. The persistence of BlackRock and others point out Bitcoin’s maturation as an asset class.”
Spot ETF Will Encourage Extra Establishments to Spend money on Bitcoin
As reported earlier, Ark Make investments CEO Cathie Wood also expressed optimism relating to the approval of the a lot anticipated ETF by the U.S. SEC. Wooden highlighted the encouraging indicators for approval in January 2024 and careworn the significance of a spot Bitcoin ETF in stimulating institutional curiosity within the crypto house.
Whereas Zhou and Wooden share optimism concerning the potential influence of the ETF, each leaders warning that Bitcoin’s fundamentals, relatively than ETF approval, stay the important thing driver of its sustained development. Traders and market individuals expect the US SEC to decide this week.