Bitcoin Spot ETF Approval Likely to Trigger Buying Rally: EY Executive
The approval of a Bitcoin spot exchange-traded fund (ETF) is likely to trigger a buying rally in the cryptocurrency market, according to EY’s Global Wealth and Asset Management Leader, Aurelien Menant. In an interview with Bloomberg, the executive expressed his opinion on how the much-awaited product could affect the prices of the market’s most heavily traded asset.
Menant believes that the long-awaited go-ahead from the U.S. Securities and Exchange Commission (SEC) would provide the market validation the asset has been craving. It would then become easier for institutional investors to access the market in a regulated environment. As a result, the demand for Bitcoin would likely increase, which would consequently bring in a new wave of buying pressure and take prices higher. He argues that the approval of a Bitcoin ETF would be “very positive […] for the development of institutional investments in cryptocurrencies, and it would bring out a lot of buying pressure, and that would be a positive development for the price.”