Grayscale CEO Michael Sonnenshein has argued that spot Bitcoin ETF approval could unlock a substantial influx of $30 trillion in advised wealth unto the crypto market.
This remark came during a recent interview on CNBC discussing the potential impact of spot Bitcoin ETF approvals on the crypto market.
Grayscale CEO @Sonnenshein joined @SquawkCNBC this morning to discuss:
⚫Optimism about GBTC potentially uplisting as a spot #bitcoinETF.
⚫Changing climates in tradfi
⚫Politicians' views on crypto in 2024and more! Watch the full conversation: https://t.co/53hDZStAmP
— Grayscale (@Grayscale) December 18, 2023
Potential Influx of $30 Trillion into Crypto
During the interview, the host asked the Grayscale CEO to suggest potential price targets for Bitcoin when the U.S. regulator greenlights a Bitcoin spot ETF.
While avoiding specific price predictions for Bitcoin, Sonnenshein highlighted the current enthusiasm in the market, with investors increasingly incorporating Bitcoin into their portfolios.
In particular, he argued that the potential approval of spot Bitcoin ETFs holds the promise of unlocking opportunities for a segment of the investment community. According to him, they are a community of affluent investors who, regrettably, have thus far been excluded from Bitcoin exposure.
Sonnenshein specifically referred to the advised market in the United States, which currently boasts approximately $30 trillion in advised wealth. He sees the sizable pool of potential investment flowing into the crypto market. In his words:
“We hope the approval of spot Bitcoin ETFs and the uplisting of GBTC will allow for that opportunity and for those investors to partake in it as well.”
Macro and Micro Forces Propelling Bitcoin
When asked about his view on Bitcoin’s recent uptrend, Sonnenshein acknowledged that Bitcoin’s surge this year has been fueled by macro and micro forces.
On the macro front, he pointed to inflationary pressures and rising rates. According to him, the situation has prompted investors to view Bitcoin as a store of value and a hedge in their portfolios.
On the micro front, he highlighted the optimism generated among investors when Grayscale’s team secured a court victory against the U.S. regulator. Notably, the court victory paves the way for the potential uplisting of Grayscale Bitcoin Trust (GBTC) as a spot Bitcoin ETF.
Ultimately, Sonnenshein’s remarks underscore the transformative potential of spot Bitcoin ETF approvals to open the door for a substantial influx of advised wealth.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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