Cory Klippsten, the chief executive officer of Swan Bitcoin, believes that spot Bitcoin exchange-traded funds (EDFs) could provide an alternative approach to entering the crypto market. This could be achieved by circumventing the exploitative marketing mechanisms that date back to 2017. According to him, venture capitalists are oversaturating marketing mechanisms to promote and sell numerous crypto tokens, all of which are accompanied by deceptive claims.
Klippsten claims that, in comparison to futures options, Bitcoin ETFs operate as IOUs for Bitcoin. They represent a paper version of cryptocurrency, and the company issuing them should leverage the investments with the purchase of real Bitcoin. This paves the way for ETFs to be a more secure and reliable element for first-time Bitcoin investors.
Standard Chartered Bank agrees with Klippsten and adds that Bitcoin ETFs might drive the price of Bitcoin up by 165% by the fourth quarter of 2024. Standard Chartered’s Head of EM FX Research, West, and Crypto Research, Geoff Kenrick, stated that the change in predictions raises the prospect of substantial price increases prior to April 2024. This is mainly because US spot ETFs are expected to be introduced earlier than expected.
Klippsten firmly believes that Bitcoin ETFs will bring about greater balance and clarity in carrying out investments for people venturing into the crypto space. The confluence of these perspectives, in conjunction with the expectation of ETF approval and the optimistic price projection, signifies a progressive and developed cryptocurrency environment.
Source: https://www.cryptonewsz.com/bitcoin-etfs-to-jumpstart-crypto-market-entry-and-price-in-2024/