Spot Bitcoin ETF Market Could Reach $100 Billion: Bloomberg

Published by

Qadir AK

November 20, 2023

In a potential game-changer for the cryptocurrency world, Bitcoin exchange-traded funds (ETFs) might soon make their mark on Wall Street.

Bloomberg Intelligence suggests that a Bitcoin spot ETF could create a whopping $100 billion industry. This has caught the attention of big financial players like BlackRock, Fidelity, and Invesco, all eagerly awaiting approval from the Securities and Exchange Commission (SEC).

Building Momentum

A recent conference call, led by Galaxy Digital in partnership with Invesco, drew in 300 investment professionals. The topic? Getting ready for the launch of a Bitcoin spot ETF, a move that could reshape the digital currency scene.

The excitement is fueled by the belief that soon, wealth managers and financial advisors might start putting a bit of their trillion-dollar portfolios into Bitcoin.

Also Read: BTC Price Might Hit $81K Amidst Bitcoin ETF Approval – Predicts Coinshare Research Head

Long-Awaited Breakthrough?

After facing rejections for years, there’s newfound optimism that the SEC might finally give the green light to Bitcoin ETFs. If this happens, likely by mid-January or next month, these funds could operate efficiently with the tax benefits and cost-effectiveness of ETFs. This could be a turning point for crypto, especially after the industry faced a setback with the FTX collapse.

Bitcoin ETFs in the Spotlight

Following the FTX incident, interest in crypto took a hit, but the potential launch of Bitcoin ETFs could bring back the excitement. Financial advisors like Jeff Janson from Summit Wealth, managing $550 million, and Chuck Cumello at Essex Financial are already fielding questions about Bitcoin ETFs.

These products, with ticker names like IBTC and BTCO, are expected to attract both advisory markets and high-net-worth individuals.

Enthusiastic or Cautious?

Despite the excitement, there’s still a sense of caution. Traditional investments are looking more attractive due to recent stock market surges. Yet, advocates like Coinbase argue that Bitcoin ETFs could bring much-needed stability to the crypto world, offering transparency and liquidity that could open up new opportunities for lending and derivatives trading.

The crypto community eagerly awaits what could be a new era on Wall Street.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.