Bitcoin’s performance in the financial arena has been nothing short of remarkable. Altcoin Daily, a respected analyst, recently highlighted Bitcoin’s consistent reign as the top-performing asset for the past 15 years.
Now, with the launch of spot Bitcoin ETFs on the horizon, Wall Street is abuzz with anticipation. As are you, we’re sure. Jump right into the article for more updates!
Wall Street & Crypto: A Brewing Relationship?
Historically, Wall Street has observed the cryptocurrency sector from a distance. Yet, the introduction of Bitcoin ETFs signals a significant shift, drawing comparisons to the impactful launches of oil and gold ETFs. Altcoin Daily suggests that this development carries even greater weight.
But wait…
Amidst the growing excitement, it’s essential to note varying sentiments within the financial community. A recent survey revealed that only 39% of financial advisers anticipate the ETF’s approval by 2024. However, a notable 88% recognize the potential transformative impact if the ETFs receive the green light.
Pompliano’s Insights: The Future of Bitcoin
Anthony Pompliano, a recognized figure in the Bitcoin community, shared insights with CNBC regarding the ETF’s significance. Beyond immediate market dynamics, Pompliano sees this as a pivotal moment for Bitcoin’s broader integration into the global financial framework.
Yet, he also emphasized Bitcoin’s characteristic volatility
“If you go back to 2017, it (Bitcoin) was $1,000. We’re up 45x since 2017, but along the way, we’ve had two 80% drawdowns, a plethora – I can’t even count how many, you know, 30 plus per drawdowns. So Wall Street is saying, ‘Hey, the ETFs are coming, here we go.’ Now, I do think over a long period of time, Bitcoin’s price is going to continue to go up. We’re going to have a persistent bid from all these ETFs.”
The Clock is Ticking!
Regarding the ETF approval timeline, Pompliano speculated a potential window between January 8th and 10th. While noting positive indicators from the SEC, he also highlighted that unexpected delays could lead to heightened scrutiny.
Source: https://coinpedia.org/news/bitcoin-etfs-wall-streets-gateway-to-crypto-domination/