Source: Upbit
Ben Zhou, the co-founder and CEO of Bybit has expressed optimism over the approval of spot Bitcoin ETF but he also believes that this is not a “make or break” scenario for the leading cryptocurrency.
In his view, it’s the institutions that need the ETF, not Bitcoin. Pointing to Bitcoin’s resilience over the past two years amid challenges such as bankruptcies, regulatory hurdles, and banking crises, Zhou underlined that Bitcoin’s fundamentals drive its growth. Zhou told CryptoNews:
“The Bitcoin ETF has been a long time coming. But now, with BlackRock and other TradFi juggernauts in the mix, the odds of approval are higher than ever. If approved, the effects will permeate the entire crypto market, bringing not only new money but also a new sense of confidence.”
Despite the positive outlook, Zhou acknowledged that there are still unresolved questions surrounding the potential a spot Bitcoin ETF approval. However, he expressed confidence in Bitcoin’s ability to outperform other assets, irrespective of regulatory developments. He added:
“There are still a lot of questions to be resolved, but we know this much: crypto isn’t too volatile or unregulated to warrant an ETF. The persistence of BlackRock and others indicate Bitcoin’s maturation as an asset class.”
Spot ETF Will Encourage More Institutions to Invest in Bitcoin
As reported earlier, Ark Invest CEO Cathie Wood also expressed optimism regarding the approval of the much anticipated ETF by the U.S. SEC. Wood highlighted the encouraging signs for approval in January 2024 and stressed the importance of a spot Bitcoin ETF in stimulating institutional interest in the crypto space.
While Zhou and Wood share optimism about the potential impact of the ETF, both leaders caution that Bitcoin’s fundamentals, rather than ETF approval, remain the key driver of its sustained growth. Investors and market participants are expecting the US SEC to decide this week.
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