The former president of the New York Stock Exchange (NYSE) says that one catalyst will inundate cash into Bitcoin (BTC) and other crypto assets.
In a new interview with CNBC Television, Tom Farley, the former president of NYSE and current chief executive of the crypto exchange platform Bullish, says that Bitcoin exchange-traded funds (ETFs) will flood the king crypto and the digital assets industry with cash.
However, Farley notes that he’s not optimistic that a BTC ETF will be approved this year.
“I guess I’m a little less optimistic of the immediacy of an approval, in other words, like November or even December. The current Chairman and the SEC (U.S. Securities and Exchange Commission) have said they believe that pretty much everything in crypto, with the exception of Bitcoin, sometimes Ethereum, and possibly stablecoins are securities.
And securities, at least in the United States, need to trade on a nationally-recognized exchange and they do not today. And I think these two issues, at the moment, are interwoven. That doesn’t mean they can’t be decoupled, but I think there’s a view that ‘Hey, if these don’t trade on an exchange, how do we know that the underlying prices are trustworthy?’”
Farley goes on to say while he may not believe BTC ETFs will be approved this year, the fact that regulators and investors acknowledge that Bitcoin isn’t a security may speed up the approval process.
“The thing about Bitcoin that gives me some optimism is that everyone acknowledges Bitcoin is not a security, including the regulators, so possibly the Bitcoin ETF does go ahead more quickly, which would be great for the industry because money will flood into the industry with a Bitcoin ETF. It’s just easy to buy.
People believe in Bitcoin, Bitcoin is going to be here, Bitcoin is a great invention. It just is. It is a store of value, I know it’s volatile, [but] it is a store of value.”
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