Swan Bitcoin CEO Predicts Greater Capital Flow into Bitcoin than ETFs; Eyes Ethereum ETF Approval
Summary:
Swan Bitcoin CEO Cory Klippsten foresees more capital allocation towards Bitcoin over the newly authorized ETFs due to the "ETF multiplier effect." Despite Bitcoin value drops due to outflows from the Grayscale Bitcoin Trust, Klippsten remains bullish for the long term. He also anticipates a potential Ethereum ETF approval in the U.S., influenced by ConsenSys and the Ethereum Foundation. However, he sees Ethereum as a centralized entity, unlike Bitcoin.
Swan Bitcoin's CEO, Cory Klippsten, predicts that the recent authorization of Bitcoin exchange-traded funds (ETFs) will spur more financial investment in Bitcoin than in the funds themselves. This outcome, referred to by Klippsten as "The ETF multiplier effect," implies the validation brought by large finance organizations entering the crypto market and the exposure of ETFs will prompt more global Bitcoin purchases than via traditional sellers. Klippsten shared his insights exclusively with Cointelegraph. Regardlessly of negative impact on Bitcoin's value due to cash withdrawals from the Grayscale Bitcoin Trust (GBTC), Klippsten's long-term perspective remains decidedly optimistic. He also forecasts a promising chance for the U.S. approval of an Ethereum ETF, largely driven by the sway of ConsenSys and the Ethereum Foundation over American regulators. Although the authorization of an Ethereum ETF might lend credibility to the world's second largest cryptocurrency, Klippsten expressed that Ethereum will still be viewed as a centralized entity, contrasting with Bitcoin. His opinionated stance is that it may trade at best like a tech share. The full discussion of Klippsten’s viewpoint on Bitcoin following the ETF approval can be seen on our YouTube channel, where viewers are encouraged to subscribe.
Published At
2/1/2024 8:00:00 PM
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