In a potential game-changer for the world of cryptocurrency, Bitcoin Exchange Traded Funds (ETFs) could soon make their mark on Wall Street.
Bloomberg Intelligence suggests the spot Bitcoin ETF could create a massive $100 billion industry. This has attracted the attention of major financial players like BlackRock, Fidelity and Invesco, all of whom are eagerly awaiting approval of the Securities and Exchange Commission (SEC).
Create momentum
A recent conference call, led by Digital Galaxy in partnership with Invesco, attracted 300 investment professionals. The subject? Prepare for the launch of a Bitcoin spot ETF, a move that could reshape the digital currency scene.
The enthusiasm is fueled by the belief that soon, wealth managers and financial advisors could begin investing a portion of their trillion-dollar portfolios in Bitcoin.
Read also: BTC Price Could Reach $81,000 Amid Bitcoin ETF Approval – Predicts Coinshare Head of Research
A long-awaited breakthrough?
After facing pushback for years, there is new optimism that the SEC may finally give the green light to Bitcoin ETFs. If this happens, probably by mid-January or next month, these funds could operate effectively thanks to the tax advantages and profitability of ETFs. This could be a turning point for crypto, especially after the industry faced a setback with the collapse of FTX.
Bitcoin ETFs in the spotlight
Following the FTX incident, interest in crypto took a hit, but the potential launch of Bitcoin ETFs could reignite enthusiasm. Financial advisors like Jeff Janson of Summit Wealth, managing $550 million, and Chuck Cumello of Essex Financial are already answering questions about Bitcoin ETFs.
These products, with names such as IBTC and BTCO, are expected to attract both advisory markets and high net worth individuals.
Enthusiastic or cautious?
Despite the enthusiasm, caution remains in order. Traditional investments seem more attractive due to recent stock market gains. Still, advocates like Coinbase argue that Bitcoin ETFs could bring much-needed stability to the crypto world, providing transparency and liquidity that could open up new lending and derivatives trading opportunities.
Learn more: Bitcoin ETF Approval Could Bring Crypto to 401(k) Plans, Says Horowitz
The crypto community is looking forward to what could be a new era on Wall Street.
