Money To 'Flood' Into The Crypto Industry With Spot Bitcoin ETFs
Tom Farley, the former NYSE President, predicts money will “flood” into the crypto industry when the US Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs). “It’s just easier to buy. People believe in Bitcoin,” he said, adding that the cryptocurrency “is a great invention.”
Former NYSE President Pins High Hopes On Bitcoin Spot ETF
Former New York Stock Exchange (NYSE) President Tom Farley discussed during an interview with CNBC last week the implications of the US Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) and the next crypto bull market. Farley is the CEO of the cryptocurrency exchange Bullish and served as the President of NYSE Group from 2014 to 2018.
Farley said that he is highly hopeful about Bitcoin because all US regulators, including the SEC, have stated that BTC is not a security. Even SEC Chairman Gary Gensler has repeatedly said that, in his view, all crypto tokens, except bitcoin, are securities.
“So possibly the bitcoin ETF does go ahead quickly, which could be great for the industry,” the former NYSE President said, adding:
"Money will flood into the industry with a bitcoin ETF. It’s just easier to buy. People believe in Bitcoin. Bitcoin is a great invention."
Farley Says Bull Run Has Already Started
Speaking on the state of the crypto market, Farley opined that the bull market is already here, stating:
“In my view, the bull run has already started.”
He further explained that in this wave of the bull market:
"The winning exchanges are going to be trusted, compliant, and support and bolster the digital asset industry."
The crypto exchange, Bullish, was launched in 2021. Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Mike Novogratz, Christian Angermayer, and investment bank Nomura are some of the well-known investors who are backing the exchange. The online crypto media platform Coindesk was recently acquired by the exchange.
Do you agree with former NYSE President Tom Farley that money will flood into the crypto industry with a spot Bitcoin ETF? Please share your thoughts and opinions in the comments section below.
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