In an unique interview with CNBC, Tom Farley, the former President of the New York Stock Exchange (NYSE) and present CEO of Bullish, shared his positive outlook on the future of cryptocurrency, especially Bitcoin, upon the prospective approval of a Bitcoin spot exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).
Farley’s comments come in the middle of the continuous speculation surrounding the SEC’s choice on whether to authorize a Bitcoin spot ETF, a relocation that might possibly open the floodgates for institutional financial investment in the Bitcoin market.
During the interview, Farley stressed the significance of a spot ETF approval, asserting that it might be a game-changer for Bitcoin. He highlighted the appeal of a spot ETF, which would enable financiers to get direct exposure to the hidden property, unlike futures-based ETFs presently offered in the market.
“Everyone acknowledges Bitcoin is not a security, including the regulators,” stated Farley. “Money will flood into the industry with a Bitcoin ETF, it’s just easy to buy it. People believe in Bitcoin. Bitcoin is a great invention. It is a store of value.”
Farley, who just recently led Bullish’s acquisition of CoinDesk, revealed self-confidence in Bitcoin’s long-lasting capacity, anticipating a significant inflow of capital into the marketplace as soon as a spot ETF gets regulative approval. He pointed out the increasing interest amongst institutional financiers and the wider monetary neighborhood in accessing to Bitcoin through standard financial investment cars.
“This guy ran the New York Stock Exchange, he’s all in on Bitcoin and crypto now,” stated co-anchor of CNBC’s Squawk Box Joe Kernen. “They use that as credibility for the asset class.”
As the market excitedly waits for the SEC’s choice, the former head of the NYSE’s bullish belief echoes the growing self-confidence in Bitcoin’s future trajectory, signifying the capacity for a considerable increase of capital into the marketplace upon the approval of a spot ETF.
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