The CEO of the US arm of crypto exchange Bitstamp says the crypto industry is likely to witness a wave of institutional adoption next year.
In a new interview with CNBC Television, Bitstamp USA CEO Bobby Zagotta says institutional investors will likely play a key role in the growth of the digital asset industry in 2024 as a catalyst will push them to pour capital into the emerging sector .
According to Zagotta, the optimism surrounding the possible adoption of ETFs (Exchange-Traded Funds) in the Bitcoin (BTC) spot market will pique the interest of new investors.
“I think there are a few triggers going on here, and probably the most important ones [the] ETF Optimism. It is an entry point for a whole new segment of investors and participants.
It’s a way that works very well and has proven itself well among a lot of people participating in traditional financial services markets, so from a crypto perspective it’s just all positive.”
The executive goes on to say that 2024 is likely to be an exciting year for crypto as more blue chip investors enter the digital asset market. According to Zagotta, institutions are already preparing for greater cryptocurrency adoption.
“We see clear upside at Bitstamp in 2023, even despite all the challenges and headwinds the market has faced – be it FTX, regulatory uncertainty, [or] banking challenges.
Despite all these things, institutions – even if they’re not trading much or investing much – are gearing up and preparing, I think, for greater adoption and hopefully some more regulatory clarity, especially in this part of the world .”
Bids to create BTC ETFs in the spot market from several traditional financial firms such as BlackRock, VanEck, and ARK Invest may be approved by the U.S. Securities and Exchange Commission (SEC) sometime in January 2024.
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