Jeremy Allaire Optimistic About Bitcoin ETF Approvals as Market Structures Mature
Jeremy Allaire, co-founder and CEO of Circle, believes that the recent surge in Bitcoin exchange-traded fund (ETF) applications will eventually lead to regulatory approvals.
Allaire states that financial watchdogs are dealing with concerns, with the development of more mature market structures, regulated custody infrastructure, and robust market surveillance. He suggests that Bitcoin ETFs are becoming more likely to be approved for general investor access as past concerns are being resolved. While Bitcoin ETFs are already available in some countries, including Canada and Brazil, the U.S. Securities and Exchange Commission (SEC) has been cautious due to concerns about fraud and manipulation.
However, Allaire maintains that Bitcoin serves as a hedge against inflation and weakening currencies. Recently, the SEC has faced a new wave of Bitcoin ETF applications from prominent institutions such as BlackRock, WisdomTree, Invesco, Galaxy Digital, and Valkyrie Investments.
Institutional interest in crypto-based investment products is on the rise, with total assets under management in crypto investment products reaching over $37 billion. The ProShares Bitcoin Strategy ETF (BITO) has also seen significant inflows, surpassing $1 billion in total assets under management.
Clever Robot News Desk 29th June 2023