According to Chainlink’s co-founder Sergey Nazarov, the crypto industry is poised for a bright future. He anticipates this advancement through the arrival of additional crypto Exchange-Traded Funds (ETFs) in the market, which he predicts will occur imminently.
More Crypto ETFs To Launch Soon
At the Token2049 conference in Dubai, Nazarov spoke with Cointelegraph and shared his expectation that there would be an increase in the number of Exchange-Traded Funds (ETFs) based on cryptocurrencies other than Bitcoin and Ethereum. He predicted this trend could begin as soon as this year, leading to a continuous expansion of crypto ETFs over the coming years.
Brad Garlinghouse, CEO of Ripple, shared a comparable viewpoint, stating that he “believes there will be more crypto ETFs.” However, unlike Nazarov, his tone was not overtly hopeful regarding their imminent arrival. He cautioned that the process could be “slightly prolonged” due to the Securities and Exchange Commission’s (SEC) apprehensions towards crypto assets.
Cathie Wood, CEO of Ark Invest, held a contrasting viewpoint at one point, forecasting that just Bitcoin and Ethereum Spot ETFs would be authorized in the US. During this time, she expressed her belief that it was unlikely for any other crypto tokens to gain SEC approval, likely due to the Commission’s recognition of these two specific cryptocurrencies.
Industry insiders such as James Seyffart from Bloomberg have suggested a requirement for crypto tokens other than Bitcoin and Ethereum to meet certain conditions in order to obtain their own exchange-traded funds (ETFs). In particular, when considering the possibility of an XRP ETF, Seyffart emphasized the importance of the token being listed on a regulated exchange like the Chicago Mercantile Exchange (CME) beforehand.
How Other Crypto ETFs Could Grow The Industry
Spot Bitcoin ETFs serve as an illustration of the potential influence crypto ETFs may have on the overall crypto market and specific linked tokens. By drawing in fresh investment, these ETFs can significantly enhance liquidity within the token ecosystem and potentially trigger price surges.
When discussing the potential of XRP reaching a value of $1,000, crypto expert BarriC hinted that increased institutional interest in the crypto token, possibly through an XRP Exchange-Traded Fund (ETF), could lead to such a price increase.
Additionally, Hannah Phung, a leading analyst at SpotOnChain’s on-chain analytics, proposes that the introduction of crypto Exchange-Traded Funds (ETFs) could bring maturity to the crypto market. With more institutional investors, known for their long-term investment strategies, entering the sector, market volatility might lessen.
During this period, the crypto world keeps an eye on the SEC’s decision regarding the ongoing Spot Ethereum ETF application submissions. This choice could significantly influence the future of other prospective crypto ETFs.
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2024-04-20 18:41