Bitcoin ETFs: Minimizing Crypto Marketing Noise and Boosting Prices, Predicts Swan Bitcoin CEO
Summary:
Swan Bitcoin CEO, Cory Klippsten suggests that direct Bitcoin exchange-traded funds (ETFs) could minimize flashy crypto marketing tactics that have attracted new investors since 2017. He highlights that Bitcoin ETFs provide an alternative entry point into the crypto world. Agreeing with the speculations about the likely approval of Bitcoin ETF in January, Klippsten shares a positive outlook. This follows after major predictions indicated that Bitcoin ETFs could boost Bitcoin's price by 165% in 2024. Concurrently, a significant change in forecasts hints at possible price surges before April 2024 due to the earlier than expected introduction of US-based spot ETFs.
CEO of Swan Bitcoin, Cory Klippsten, has proposed that exchange-traded funds (ETF) utilizing direct Bitcoin (BTC) could work to minimize the bombastic crypto marketing tactics that have attracted many new users since 2017. In a discussion with Bloomberg on December 1, Klippsten emphasized that Bitcoin ETFs provide an alternative channel into the industry during a time when it's been overshadowed by lavishly sponsored cryptocurrency marketing: "Getting into Bitcoin has been a noisy affair from 2017 to 2023, marred by cryptocurrency marketing plans backed by a $50 billion venture capital investment, essentially marketing and unloading crypto tokens." He highlighted that an ETF acts like an IOU for the item, distinguishing it from a futures-based counterpart. It's a paper representation of Bitcoin and obliges the company to support shareholders by buying actual Bitcoin. "I believe it's an excellent entry point for individuals to immerse themselves in Bitcoin, and if they wish to delve deeper and own more," he added. Furthermore, implying agreement with other crypto analysts suggesting a likely approval of Bitcoin ETF in January, Klippsten shared the same positive outlook. "The likelihood is now pointing towards January 8th, 9th, or 10th. The indication from the SEC and industry insiders makes it a lot of sense." Post this, Swan Bitcoin announced that it would be terminating customer accounts exploiting crypto-mixing facilities. Following a recent proclamation by a key bank suggesting that Bitcoin ETFs are set to boost Bitcoin's price by 165% in 2024. On November 30, prominent bank Standard Chartered predicted Bitcoin prices touching six figures by the closure of 2024. Concurrently, Geoff Kenrick, Head of EM FX Research, West and Crypto Research at Standard Chartered, indicated that the change in predictions hints towards potential price surges before April 2024: "We now anticipate a more significant price increase before the halving, specifically due to the earlier than predicted introduction of US-based spot ETFs.
Published At
12/3/2023 2:09:55 AM
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