NYSE Veteran Foresees Bitcoin Surge Through ETFs

The former president of the New York Stock Exchange (NYSE) recently discussed a potential catalyst that could drive substantial investments into Bitcoin (BTC) and other cryptocurrencies.

In a recent interview with CNBC Television, Tom Farley, previously associated with NYSE and now heading Bullish, a crypto exchange platform, highlighted the possibility of a significant influx of funds through Bitcoin ETFs.

Farley expressed skepticism about the immediate approval of a BTC ETF this year, citing the regulatory landscape. He indicated that current regulatory perspectives consider almost all crypto assets, excluding Bitcoin, occasionally Ethereum, and possibly stablecoins, as securities.

These assets, according to him, need to trade on recognized exchanges, which they presently do not, creating an entanglement between their tradeability and perceived value.

While Farley isn’t optimistic about BTC ETF approvals in the near term, he suggested that the consensus among regulators and investors that Bitcoin doesn’t fit the securities classification might eventually expedite the approval process.

Acknowledgment that Bitcoin isn’t treated as a security by regulators could potentially fast-track the approval of a Bitcoin ETF. This, Farley believes, would significantly benefit the industry, as the accessibility of a Bitcoin ETF would likely draw a surge of funds.

This easy access to investment opportunities might accelerate the already widespread belief in Bitcoin’s endurance and its role as a store of value, despite its inherent volatility.

Author

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.