Even as the crypto market awaits a decision on spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), Bitwise Asset Management Chief Investment Officer Matt Hougan emphasized its monumental yet underappreciated impact, asserting the market had not fully grasped the magnitude of this development, akin to the transformative journey of gold ETFs.
The financial watchdog is expected to deliver a decision on the fate of the applications either late Friday evening or early next week.
Thirteen applications for spot Bitcoin exchange-traded funds are pending approval from the SEC.
The period during which the SEC can give the green light to these ETF applications is set to commence on Friday, Jan. 5, and will extend until Jan. 10.
Hougan spoke at Benzinga’s Future of Digital Assets event in New York City on Nov. 14, along with Brooke Stoddard, vice president of Client Team at Grayscale Investments; Ryan Louvar, chief legal officer and head of Business and Legal Affairs, Digital Assets at WisdomTree and Todd Kuehl, head of Compliance, Americas at Invesco US.
The discussion was moderated by Pat McEvoy from Canaccord Genuity.
Hougan On Market Underestimation: “The market has not realized how big a deal this is,” Hougan said.
He elaborated on the substantial influence a Bitcoin ETF could wield, akin to the transformation gold experienced.
“Gold was at the exact same point that Bitcoin is at in 2003 before the gold ETF launched in the U.S. It took 5000 years to get to $400, and in the last 20 years since an ETF, it’s gone to $2,000.”
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Predictions For Bitcoin’s Future: Hougan’s optimism for Bitcoin’s future was evident. He suggested a significant influx of interest and investment in Bitcoin following the ETF’s introduction, a scenario not yet reflected in current market prices.
McEvoy On Crypto Market Dynamics: McEvoy set the stage for the discussion, noting the recent volatility and excitement in the crypto market, especially surrounding Bitcoin spot ETFs.
He acknowledged the negative market sentiment in recent times but pointed to a resurgence of interest, signaling a new era for cryptocurrencies.
Stoddard’s Take On Grayscale’s Evolution: Stoddard delved into the journey…
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