The former president of the New York Stock Exchange (NYSE) says one catalyst will flood cash into Bitcoin (BTC) and other crypto assets.
In a new interview Speaking to CNBC Television, Tom Farley, the former president of NYSE and current CEO of crypto exchange platform Bullish, says Bitcoin exchange-traded funds (ETFs) will flood the king crypto and digital asset industries with cash.
However, Farley notes that he is not optimistic that a BTC ETF will be approved this year.
“I think I’m a little less optimistic about the immediacy of an approval, in other words, like in November or even December. The current chairman and the SEC (US Securities and Exchange Commission) have said they believe virtually everything in crypto, with the exception of Bitcoin, sometimes Ethereum, and possibly stablecoins, are securities.
And securities, at least in the United States, must be traded on a nationally recognized exchange, which is not the case today. And I think these two issues are intertwined right now. That doesn’t mean they can’t be decoupled, but I think there’s a perception of, “Hey, if these aren’t traded on an exchange, how do we know the underlying prices are reliable?”
Farley goes on to say that he may not believe BTC ETFs will be approved this year, but the fact that regulators and investors recognize that Bitcoin is not a security could speed up the approval process.
“The thing about Bitcoin that gives me some optimism is that everyone recognizes that Bitcoin is not a security, including the regulators, so possibly the Bitcoin ETF will move faster, which would be great for the industry as money flows into the industry at a Bitcoin ETF. It’s just easy to buy.
People believe in Bitcoin, Bitcoin will be there, Bitcoin is a great invention. It’s just like that. It’s a store of value, I know it’s fleeting, [but] it is a store of value.”
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