Bitcoin ETF to trigger massive demand from institutions, EY says
Bitcoin ( BTC ) is in massive demand from institutional investors but awaits a spot BTC exchange-traded fund (ETF) approval to trigger a buying rally, according to a blockchain executive at the professional services provider Ernst Young (EY).
EY’s global blockchain leader Paul Brody believes that Bitcoin faces a lot of pent-up demand from institutions due to United States regulators not approving a spot Bitcoin ETF for years.
Brody discussed the outlook for the cryptocurrency adoption on CNBC’s Crypto Decrypted on Oct. 23, declaring that trillions of dollars in institutional money are waiting to enter Bitcoin once a BTC ETF is approved.
“But any of these other institutional funds, they can’t touch this stuff unless it’s an ETF or some other kind of regulatory blessed activity,” EY’s blockchain expert said, adding:
“If you look at people who are buying Bitcoin, they are buying it as an asset. They are not buying it as a payment tool. Those who are buying Ethereum, are buying it as a computing platform for business transactions and DeFi [decentralized finance] services.”
Brody’s remarks come amid global investors closely watching the crypto regulatory process by the U.S. Securities and Exchange Commission (SEC), which has not approved a single spot Bitcoin ETF so far. A number of companies, including Grayscale Investments, ARK Investment, BlackRock and Fidelity, have filed with the SEC for multiple Bitcoin ETF products and are awaiting a regulatory response.
Related: Grayscale files for new spot Bitcoin ETF on NYSE Arca
Grayscale, which in August 2023 won an SEC lawsuit for a spot Bitcoin ETF review , has recently filed an S-3 form registration statement with the SEC to list its Grayscale Bitcoin Trust on the New York Stock Exchange Arca.
According to Bloomberg senior ETF analyst Eric Balchunas, a recent amendment to the spot Bitcoin ETF by ARK Invest and 21Shares is a “good sign” of progress and impending approvals. The ETF expert believes that the ETF amendments filed in mid-October 2023 could be in direct response to concerns the SEC has asked ETF issuers to address.
Magazine: Big Questions: Did the NSA create Bitcoin?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Netflix faces backlash for using AI-generated voice of Gabby Petito
Share link:In this post: Netflix used AI to recreate Gabby Petito’s voice in its new docuseries, and people are calling it disturbing and unethical. Viewers slammed Netflix online, saying AI shouldn’t be used to digitally recreate a murder victim’s voice for a documentary. Gabby’s family approved it, but experts argue that murder victims don’t get a say in how their voice is used after death.
Trump’s Republican allies unsettled by Elon Musk’s D.O.G.E
Share link:In this post: Elon Musk’s D.O.G.E. has gutted the CFPB, firing employees, shutting down enforcement, and wiping the agency’s name off its headquarters—leaving Trump allies worried it could backfire in court. Russell Vought and other Trump officials fear Elon’s reckless approach could bring lawsuits, allowing the CFPB to survive instead of being quietly dismantled. Government employees are suing the Trump administration anonymously, afraid Elon’s attacks on X and mass firings could put them at ri
Vitalik Buterin joins the resistance against the UK government’s push for Apple user data
Share link:In this post: Vitalik Buterin criticized the UK government for its recent demands for backdoor access to Apple user data. This will be the first time Apple is disabling its data security tool. Apple reassures users that some data, such as health app data, passwords, and communications on iMessage and FaceTime, will remain end-to-end encrypted.
President Trump Declares End to Biden’s Crypto War, Pledges US Bitcoin Dominance
Trending news
MoreCrypto prices
More








