Grayscale Investments CEO Michael Sonnenshein shared his views on the approval of the first Bitcoin ETF by the Securities and Exchange Commission (SEC). The famous CEO made his statement on CNBC’s Squawk Box. Details are here.
Bitcoin ETF to attract more capital for Bitcoin products
Sonnenshein, first bitcoin He believes that the approval of the futures ETF will attract more capital and more investors to the crypto ecosystem. He is also of the opinion that the launch of the first Bitcoin ETF is a bullish sign for Bitcoin.
Sonnenshein believes the SEC can approve an Ethereum ETF
The famous CEO also gave an idea about what steps the SEC can take for the industry in the next period.
The Grayscale CEO thinks the regulator will launch a similar Ethereum product as the SEC has become quite comfortable with the fact that a Bitcoin ETF will now be regulated by it.
Earlier today, we reported that the first Bitcoin futures ETF created by ProShares will be listed on the New York Stock Exchange on Tuesday, October 19 under the code BITO. The product did not face any objections from the SEC after a 75-day review. Jim Cramer expects three more Bitcoin ETFs to be approved this week.
Finally, Sonnenshein, when asked whether the Bitcoin futures ETF would make it harder for the Chinese crypto ban to continue, said that this pressure exerted by the Chinese government is actually a good sign for crypto. NSBecause he thinks the ban is transferring crypto trading volumes and mining power from China to other countries, especially the USA.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.