Speaking to CNBC, Grayscale CEO Michael Sonnenshein says that the approval of a Spot Bitcoin ETF would unlock about $30 trillion worth of advised wealth for Bitcoin. Indeed, speaking on the Squawk Box program, Sonnenshein noted that approval will allow investment from individuals who have been “locked out” of a chance to have Bitcoin exposure.
Sonnenheim specifically noted that the advised market would have seen a massive influence on Bitcoin investment. Unfortunately, the Grayscale CEO echoes similar statements shared by those optimistic about the approval of a Spot Bitcoin ETF. Moreover, many expect a decision to be made by the US Securities and Exchange Commission (SEC) in early 2024.
Grayscale Says Spot Bitcoin ETF to Unlock $30 Trillion in Advised Wealth
As 2024 fast approaches, the digital asset industry is anxiously awaiting a decision on a potential Spot Bitcoin ETF. Such an investment product has yet to be approved in the United States. However, with more than a dozen pending applications, that is likely to change.
Now, speaking to CNBC, the CEO of one potential issuer has spoken on its potential value. Indeed, Grayscale CEO Michael Sonnenshein says that a Spot Bitcoin ETF would unlock $30 trillion in advised wealth. Moreover, he noted the impact on the investment market that has been “locked out” on the asset.
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“I’m not one to make price predictions, but I do think there is a lot of optimism again in the market,” Sonnenshein stated. “A lot of investors are adding Bitcoin to their portfolios, and when we look ahead to the hopeful approval for Spot Bitcoin ETF it is going to unlock the opportunity to be part of the investment community that, for better or worse- and I would say worse- has unfortunately been locked out of the opportunity to participate.”
Thereafter, Sonnenshein pointed to the $30 trillion figure as what could be unlocked by the approval. Conversely, Grayscale remains one of more than 12 applications that are seeking to issue the investment product. Based on ongoing discussions, many predict a decision to arrive as early as January 8th.