Gold Rush 2.0: Bitcoin ETF’s Potential Impact
The CIO of Bitwise, Matt Hougan, expressed considerable optimism about the potential impact of the approval of a Bitcoin (BTC) ETF on the cryptocurrency's value.
Hougan drew parallels between this event and the historical rise in gold prices that followed the introduction of the first gold ETF in the United States in 2004, implying a similar scenario could unfold for BTC.
People ask me: What happened when the first gold ETF launched in the US? pic.twitter.com/wJSchhWHvy
— Matt Hougan (@Matt_Hougan) October 23, 2023
Bitwise and several other companies have submitted applications for a spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC).
During a recent interview with Thinking Crypto, Hougan discussed Bitwise’s mission to educate traditional finance stakeholders about Bitcoin.
He highlighted the significance of the Bitcoin ETF in opening up a previously untapped market segment: the financial advisor marketplace, which significantly surpasses self-directed retail investors in terms of assets managed.
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Hougan explained that their team is actively engaging with financial advisors, providing information about Bitcoin and its role in diversified portfolios, preparing the groundwork for a seamless adoption once the ETF is available.
The progress they are making is evident, with a growing number of advisors expressing a keen interest in allocating assets ahead of the Bitcoin ETF’s launch.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
