Grayscale CEO Foresees $30 Trillion Unleashed by Bitcoin ETF

• Potential of a Spot Bitcoin ETF Approval
• Unlocking $30 Trillion in Advised Wealth with a Spot Bitcoin ETF
• Optimism in the Market

Potential of a Spot Bitcoin ETF Approval

In a recent interview on CNBC, Grayscale CEO, Michael Sonnenshein, expressed that a Spot Bitcoin$42,260 -0.64% ETF approval would unlock approximately $30 trillion in advised wealth for Bitcoin. He stated this during his appearance on the Squawk Box program, indicating it would enable an investment influx from individuals who have been otherwise deprived of the opportunity to gain Bitcoin exposure.

Sonnenshein specifically highlighted the profound impact the advised market could have on Bitcoin investment. These sentiments are echoed by others who are eagerly anticipating the approval of a Spot Bitcoin ETF. Furthermore, a decision from the US Securities and Exchange Commission (SEC) is expected by early 2024.

Unlocking $30 Trillion in Advised Wealth with a Spot Bitcoin ETF

As the year 2024 looms nearer, the digital asset industry anxiously awaits a breakthrough in the form of a Spot Bitcoin ETF. This type of investment tool has not yet been sanctioned in the United States. Nevertheless, with over a dozen applications in the queue, the landscape may alter soon.

In the same CNBC interview, Sonnenshein underscored the potential value of this investment tool. He stated that a Spot Bitcoin ETF could liberate $30 trillion in advised wealth, thereby expanding the investment market that has been previously locked out of this asset.

Optimism in the Market

I'm not one to make price predictions, Sonnenshein clarifies, but I do think there is a lot of optimism again in the market. He further notes that many investors are incorporating Bitcoin into their portfolios. He believes the potential approval for a Spot Bitcoin ETF could unlock opportunities for a significant segment of the investment community that has been denied participation so far.

Subsequently, Sonnenshein identifies the $30 trillion figure as the potential wealth that could be unlocked by the approval. However, Grayscale is but one of over 12 applications vying to issue this investment product. Based on ongoing deliberations, a decision is predicted to be delivered as soon as January 8th.

Edited by Jonathan Stoker