Coinbase CEO Brian Armstrong has shared his optimism about the possibility of the SEC approving Bitcoin spot ETFs.
The CEO further asserts that ETF investors will look to own other crypto products, flocking into exchanges such as Coinbase to participate in the crypto economy.

In a recent interview on CNBC Television, Coinbase CEO Brian Armstrong shared his excitement at the possibility of a Bitcoin ETF approval. Armstrong foresees a new influx of capital and new users interested in what will be a more regulated industry. Analysts anticipate billions of dollars flowing into the digital asset, driving demand and prices to a new all-time high. Galaxy Research predicts that spot bitcoin ETFs will witness more than $14 billion in the first year of its approval.

In his interview, Armstrong further asserted that his exchange would be a major benefactor in approving Bitcoin ETFs. He notes that most ETF applicants have named Coinbase as the custody provider. One of the more notable partners is BlackRock, which is the world’s largest asset manager, with $9.42 trillion in assets. This is unsurprising given the exchange is one of the oldest and most reputable crypto exchanges. In addition, it is the only American publicly traded company that operates a cryptocurrency exchange platform.

In addition to investing in ETFs, the CEO expects retail and institutional investors to take an interest in other related products. These investors will look to exchanges such as Coinbase to access other products. He noted;

There’s also going to be a huge retail and institutional segment – they don’t just want to own an ETF for Bitcoin, they want to own other crypto assets, or they want to earn staking rewards on their assets, or they want to actually participate in the crypto economy [via]stablecoins, commerce, NFTs (non-fungible tokens), and web3. So those people are going to come to Coinbase and use our product directly as well. So Coinbase has a role to play in all aspects of the value chain.”

He further credits the recent Bitcoin (BTC) price surge, to the anticipation of the approval of an ETF. Year to date, BTC has gained more than 90 percent. Further gains are expected with analysts predicting that the  U.S. Securities and Exchange Commission (SEC) will approve the first ETF by January 10th.

Based on this prediction, BTC is expected to continue rallying and set a year-high in the coming days. At the time of press, BTC has surged nearly 3 percent to trade at $43,800.

Filed under: Bitcoin - @ December 21, 2023 12:07 pm