Bitcoin ETFs are expected to take the place of the disorganised entry points that have been tarnished by gaudy cryptocurrency marketing campaigns since 2017, according to Cory Klippsten, CEO of Swan Bitcoin.
Since 2017, spot Bitcoin exchange-traded funds (ETFs) have been the first point of entry for many people into the cryptocurrency space. However, Cory Klippsten, CEO of Swan Bitcoin, has suggested that these strategies may be suppressed.
While the market has been tarnished by well-funded cryptocurrency marketing schemes, Klippsten reaffirmed in a recent interview with Bloomberg on December 1st that Bitcoin ETFs provide an alternative means of entry:
“The past six years from 2017 through 2023, the top of the funnel for people looking to get into Bitcoin has been extremely noisy, polluted by all of the crypto marketing schemes funded by $He continued by explaining that an ETF differs from a futures-based alternative in that it operates in a manner akin to an IOU for the product. In essence, it’s just Bitcoin on paper, but the company has to support investors by buying real Bitcoin.
“I think it’s a great top of funnel for people to get into Bitcoin and then if they want to go a little deeper and explore it, and hold more,” he said.
Furthermore, Klippsten voiced a similar optimism, echoing the opinions of other cryptocurrency analysts who believe there is a “clear runway” for the approval of the Bitcoin ETF in January. 50 billion of venture capital, trying to essentially market and dump crypto tokens.”
“That window seems to have been narrowed to January 8th, 9th, or 10th. It seems to be making a lot of sense given all the signals that we’ve gotten out of the SEC and folks in the know,” he stated.
This follows the recent announcement by a significant bank that Bitcoin ETFs will increase the price of Bitcoin by 165% by 2024. The financial behemoth Standard Chartered predicted on November 30 that Bitcoin will hit six figures by the end of 2024.
The head of Standard Chartered’s EM FX Research, West, and Crypto Research, Geoff Kenrick, noted that the most recent change in projections raises the possibility of additional price increases before April 2024:
“We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs.”