--News Direct--
ETC Group CEO Tim Bevan discusses the significant impact of the US Securities and Exchange (SEC)'s approval of Bitcoin ETFs, enhancing market access and legitimizing cryptocurrencies.
This approval led to notable market shifts, including outflows from existing crypto products like the Grayscale Bitcoin Trust and inflows into new ETFs from major financial players such as Fidelity and iShares. Despite initial price weakness following the ETF launch, Bevan attributes this to a natural retracement after Bitcoin's substantial pre-launch appreciation.
He anticipates a demand surge, supported by North America's vast financial advisory network, potentially driving over $30 billion into Bitcoin, significantly increasing global Bitcoin product AUM.
Bevan also highlighted Europe's likely follow-up on the US's path towards crypto normalisation, driven by the sector's increasing legitimacy. With bullish outlooks on crypto into 2024 and 2025, backed by aggressive price forecasts, Bevan pointed to the Bitcoin halving event as a key factor for future price appreciation, alongside a favorable macroeconomic backdrop and rising geopolitical risks.
Furthermore, he noted Ethereum's potential for significant price performance and the possibility of Ethereum ETFs following Bitcoin's regulatory success, marking a pivotal moment for broader cryptocurrency acceptance and investment.
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