The post Bitcoin’s ETFs are Likely to be Approved, Circle’s Allaire Claims! appeared first on Coinpedia Fintech News

The co-founder and CEO of Circle, Jeremy Allaire, hints at a new trend of Bitcoin exchange-traded funds (ETFs) being accepted as “past concerns” of regulators are now being looked at. ETFs are marketable securities that track an index, a bond, or a commodity like an index fund. Rising ETF filings have cast a positive impact on the crypto market by shooting up prices of leading tokens like Bitcoin.

Allaire on Bitcoins ETFs

“I believe progress is being made with more mature market structures that would support something like that. You have mature spot markets, well-regulated custody infrastructure, and good market surveillance,” Allaire said during an interview with Bloomberg in China.

He believes that the likelihood of acceptance for this kind of product is increasing for general investor access. 

The SEC has recently received many spots for Bitcoin ETF filings from blue-chip asset managers like Blackrock and Invesco. Experts believe that the advent of market surveillance methods is the secret behind the affirmation of these spot ETFs. it is more like the scenario when Ontario wished to witness a mature custody ecosystem in function before embracing the first Bitcoin ETF to trade in Toronto.

The highest weekly inflow of $65 million by ProShares’ Bitcoin Strategy ETF (BITO)  in over a year demonstrates that the asset class has consideration from the investors. Allaire also hinted at the growing demand for digital dollars in emerging markets.

“Singapore regulators have been at the forefront of this, and Hong Kong is looking to establish itself as a significant centre for the digital asset markets and stablecoins. We’re paying very close attention to that,” he mentioned.

With such a revolutionary phase in the crypto world, we can brace ourselves for a new and worthwhile development on a daily basis. 

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Filed under: Bitcoin - @ June 27, 2023 8:06 am