Coinbase Forecasts Surge in Crypto Market Cap Through Bitcoin ETFs
Coinbase Institutional, a division of the cryptocurrency exchange Coinbase, predicts that spot bitcoin exchange-traded funds (ETFs) could significantly boost the total crypto market cap by bringing Bitcoin further into mainstream investment.
David Duong, Head of Institutional Research at Coinbase, anticipates that spot bitcoin ETFs could open new avenues for millions of investors and add billions to the crypto market cap, fostering a more regulated environment and increased demand. The report suggests that the chances of one or more spot bitcoin ETFs gaining approval from the U.S. Securities and Exchange Commission (SEC) before the end of 4Q23 have significantly improved.
Coinbase highlights the potential for ETF approvals to benefit the wealth management community, which handles over a third of all U.S. wealth, and potentially lead to the development of new financial products, including lending and derivatives. The current timeline for SEC decisions is influenced by gridlock in the U.S. House of Representatives, with a potential government shutdown creating an open window for proactive SEC action. Coinbase also notes a meaningful dialogue between ETF applicants and the SEC, signaling a notable development in the crypto space.
Clever Robot News Desk 17th November 2023
Related Article
