Swan Bitcoin CEO Cory Klippsten has suggested that spot Bitcoin (BTC) exchange-traded funds (ETF) will suppress the loud and flashy marketing strategies that have served as the initial gateway for many into the crypto space since 2017.
During a recent interview with Bloomberg on December 1, Klippsten reiterated that Bitcoin ETFs offer an alternative entry into the market at a time when it has been tainted by well-funded crypto marketing schemes:
“The past six years from 2017 through 2023, the top of the funnel for people looking to get into Bitcoin has been extremely noisy, polluted by all of the crypto marketing schemes funded by $50 billion of venture capital, trying to essentially market and dump crypto tokens.”
He went on to clarify that an ETF functions similarly to an IOU for the product, differentiating it from a futures-based alternative. Essentially, it represents a paper form of Bitcoin, yet it requires the firm to back investors by purchasing actual Bitcoin.
“I think it’s a great top of funnel for people to get into Bitcoin and then if they want to go a little deeper and explore it, and hold more,” he stated.
Moreover, aligning with the views of fellow crypto analysts who posit a “clear runway” for Bitcoin ETF approval in January, Klippsten expressed a similar optimism.
“That window seems to have been narrowed to January 8th, 9th, or 10th. It seems to be making a lot of sense given all the signals that we’ve gotten out of the SEC and folks in the know,” he stated.
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This comes after a major bank recently declared that Bitcoin ETFs will drive Bitcoin’s price up by 165% in 2024.
On November 30, banking giant Standard Chartered forecasted that Bitcoin should reach six figures by the end of 2024.
Meanwhile, Geoff Kenrick, Standard Chartered’s head of EM FX Research, West and Crypto Research mentioned that the recent shift in forecasts suggests the possibility of further price increases before April 2024:
“We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs.”
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