- Swan Bitcoin CEO Cory Klippsten foresees a substantial impact from the approval of the spot bitcoin ETF, extending beyond capital influx, as highlighted by the potential “ETF multiplier effect.”
- Despite Grayscale Bitcoin Trust facing capital outflows affecting bitcoin’s price, Klippsten maintains a bullish long-term perspective on the cryptocurrency.
- Klippsten anticipates the potential approval of a U.S. Ethereum ETF, citing the influential role of the Ethereum Foundation in shaping regulatory decisions.
The approval of the spot bitcoin ETF will have implications extending beyond the influx of capital into these investment products, as highlighted by Cory Klippsten, CEO of Swan Bitcoin.
Swan Bitcoin CEO foresees ‘ETF Multiplier Effect’
Swan Bitcoin CEO Cory Klippsten suggests that the promotion of recently approved spot bitcoin exchange-traded funds (ETFs) will result in a greater influx of capital into bitcoin itself compared to the capital directed into the ETFs. Klippsten terms this occurrence the “ETF multiplier effect.”
Swan Bitcoin is a bitcoin-focused investment platform providing bitcoin financial services. CEO Cory Klippsten is a partner with more than 60 early-stage tech companies.
According to Cointelegraph, Klippsten explained the reason behind his opinion: “Because of the existence of the ETFs and the credibility of these large financial firms getting into the space and validating it in the eyes of investors […] A lot more bitcoin will be purchased through all the other sellers around the world.”
Also read: Navigating bitcoin markets: concerns VS. opportunities
Klippsten stays bullish on bitcoin
Even as the Grayscale Bitcoin Trust (GBTC) experiences capital outflows, contributing to a decline in Bitcoin’s price, Klippsten maintains a highly optimistic long-term outlook.
Earlier, the entrepreneur conveyed his steadfast long-term endorsement of the leading cryptocurrency, firmly believing that Bitcoin is on track to reach $1 million.
Also read: FTX sells $1B in GBTC, ownership hits zero amid $2B ETF outflows
Potential Ethereum ETF approval
Klippsten thinks that there is a significant possibility of the approval of an Ethereum ETF in the United States shortly. This anticipation is primarily attributed to the influence of the Ethereum Foundation over U.S. regulators
Klippsten anticipates that even with Ethereum gaining approval for its legitimacy, the second-largest cryptocurrency will continue to be perceived as centralized, in contrast to Bitcoin.
A centralized cryptocurrency exchange is a digital currency trading platform managed by a central entity, serving as an intermediary between buyers and sellers of cryptocurrencies.
