Categories: Bitcoin Latest News

Former NYSE President Says Money Will “Flood” Into Bitcoin Upon Spot ETF Approval

In an exclusive interview with CNBC, Tom Farley, the former President of the New York Stock Exchange (NYSE) and current CEO of Bullish, shared his optimistic outlook on the future of cryptocurrency, particularly Bitcoin, upon the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).

Farley’s comments come amidst the ongoing speculation surrounding the SEC’s decision on whether to approve a Bitcoin spot ETF, a move that could potentially open the floodgates for institutional investment in the Bitcoin market.

During the interview, Farley emphasized the significance of a spot ETF approval, asserting that it could be a game-changer for Bitcoin. He highlighted the appeal of a spot ETF, which would allow investors to gain direct exposure to the underlying asset, unlike futures-based ETFs currently available in the market.

“Everyone acknowledges Bitcoin is not a security, including the regulators,” said 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 recently spearheaded Bullish’s acquisition of CoinDesk, expressed confidence in Bitcoin’s long-term potential, predicting a substantial inflow of capital into the market once a spot ETF receives regulatory approval. He cited the increasing interest among institutional investors and the broader financial community in gaining access to Bitcoin through traditional investment vehicles.

“This guy ran the New York Stock Exchange, he’s all in on Bitcoin and crypto now,” said co-anchor of CNBC’s Squawk Box Joe Kernen. “They use that as credibility for the asset class.”

As the industry eagerly awaits the SEC’s decision, the former head of the NYSE’s bullish sentiment echoes the growing confidence in Bitcoin’s future trajectory, signaling the potential for a significant influx of capital into the market upon the approval of a spot ETF.

Read More[#item_full_content]Bitcoin Magazine – Bitcoin News, Articles and Expert Insights

Recent Posts

Bitcoin and Crypto Voters Make Their Voices Heard at America Loves Crypto Stop in Wisconsin

On the heels of tour stops in Arizona, Nevada and Detroit, the America Loves Crypto…

11 mins ago

Bitcoin Accumulation In Full Swing As $1.3 Billion Exits Exchanges, $75,000 Next?

Investors are once again accumulating Bitcoin (BTC) despite previous price declines. Reports indicate that approximately…

3 hours ago

The Urgent Need for Bitcoin Tax Reform to Encourage Everyday Use

The debt based monetary system has become quite extreme. On one hand, the US crossed…

3 hours ago

Bhutan’s Bitcoin Holdings Revealed: Kingdom Owns $780M in BTC from Mining

South Asian country Bhutan, a Buddhist kingdom on the Himalayas’ eastern edge, has been revealed as a major…

3 hours ago

Bitcoin Mining Profitability Remains at All-Time Lows as Prices Fall, Hashrate Rises, JPMorgan Says

Post ContentRead MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]

4 hours ago

Mi Primer Bitcoin Promotes Two Staff Members to Leadership Roles

In the wake of Mi Primer Bitcoin’s three-year anniversary, the El Salvador-based organization announced that…

5 hours ago