MicroStrategy CEO Michael Sailor and Coinmetrics co-founder Nick Carter believe bitcoin ETFs are more profitable for investors than Bitcoin futures ETFs.
According to
publications ZyCrypto, the topic of cryptocurrency ETFs was discussed at the Bloomberg Financial Innovation Summit. In October, the US Securities and Exchange Commission (SEC) approved applications from ProShares and Valkyrie to launch bitcoin futures ETFs. However, many major figures in the cryptocurrency industry who took part in the summit are convinced that bitcoin spot ETFs will become more profitable for American investors and will reflect well on bitcoin itself.
According to MicroStrategy CEO Michael Saylor, trillions of dollars will flow into them if the SEC allows the launch of cryptocurrency exchange-traded funds. Bitcoin is already aiming to replace gold-pegged ETFs, and it could eventually bypass the S&P 500, Sailor suggested.
“As soon as spot Bitcoin ETFs are launched in the US, billions, tens of billions, then hundreds of billions and even trillions of dollars will flow into them. This will be the final step necessary for Bitcoin to become one of the main assets of the Western world, ”Sailor said.
Coinmetrics co-founder Nic Carter called Bitcoin futures ETFs “inferior” and SEC’s arguments against launching crypto ETFs “empty”. ETFs tied directly to Bitcoin and Ether have performed well in Canada and Brazil, where these investment products have been approved, Carter said. Therefore, Carter suggested that after the launch of Bitcoin ETFs in the US, within a month their trading volume could easily reach about $ 100 billion. However, the founder and CEO of cryptocurrency bank Avanti, Caitlin Long, is confident that Bitcoin will flourish regardless of whether crypto ETFs will be launched or not.
Last week, US Congressmen asked the SEC to approve the launch of direct cryptocurrency ETFs, considering it logical after the approval of ETFs for Bitcoin futures.
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