Bitcoin surges to $36,000 amid ETF anticipation, says Bitwise CIO By Investing.com
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© Reuters.
‘s price soared to $36,000 during Asian trading hours on Thursday, marking a significant growth of around 30% over the past month and 93% year-on-year. Ether also followed suit with a 20% rise in the previous month, according to data from CoinDesk Indices.
Matt Hougan, CIO of Bitwise Asset Management, shed light on these trends during a recent interview. He suggested that the current Bitcoin price does not reflect the potential influence of an anticipated Bitcoin Exchange Traded Fund (ETF) approval. The majority of financial advisors, who manage a substantial 80% of U.S. wealth, do not foresee its approval until 2025 or later. This indicates a potential new audience for the Bitcoin ETF.
Hougan drew parallels with the impact of a ETF approval in 2004, which led to years of consistent gold price increases, suggesting a similar trajectory for Bitcoin. He emphasized that ETFs could significantly broaden the cryptocurrency investor base, particularly among financial advisors.
At present, only 20% of self-directed retail investors have invested in crypto. Financial advisors and institutions controlling the remaining 80% of American wealth require an ETF to access crypto markets.
Hougan also noted how BlackRock (NYSE:)’s Bitcoin ETF filing in June positively affected market sentiment by dispelling the negative aftermath from the FTX collapse. He referred to this phenomenon as the “ghosts of Sam Bankman-Fried.”
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
‘s price soared to $36,000 during Asian trading hours on Thursday, marking a significant growth of around 30% over the past month and 93% year-on-year. Ether also followed suit with a 20% rise in the previous month, according to data from CoinDesk Indices.
Matt Hougan, CIO of Bitwise Asset Management, shed light on these trends during a recent interview. He suggested that the current Bitcoin price does not reflect the potential influence of an anticipated Bitcoin Exchange Traded Fund (ETF) approval. The majority of financial advisors, who manage a substantial 80% of U.S. wealth, do not foresee its approval until 2025 or later. This indicates a potential new audience for the Bitcoin ETF.
Hougan drew parallels with the impact of a ETF approval in 2004, which led to years of consistent gold price increases, suggesting a similar trajectory for Bitcoin. He emphasized that ETFs could significantly broaden the cryptocurrency investor base, particularly among financial advisors.
At present, only 20% of self-directed retail investors have invested in crypto. Financial advisors and institutions controlling the remaining 80% of American wealth require an ETF to access crypto markets.
Hougan also noted how BlackRock (NYSE:)’s Bitcoin ETF filing in June positively affected market sentiment by dispelling the negative aftermath from the FTX collapse. He referred to this phenomenon as the “ghosts of Sam Bankman-Fried.”
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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