[Bitstamp USA CEO Bobby Zagotta says cryptocurrencies may increase in institutional adoption and participation in 2024]
Bobby Zagotta, CEO of Bitstamp USA, recently said in an interview with CNBC that 2024 may be a turning point for the cryptocurrency industry and is expected to witness substantial growth in institutional adoption.
Zagotta believes the potential approval of a Bitcoin (BTC) spot market exchange-traded fund (ETF) will be a key factor in sparking interest from new investors. He pointed out: "This will be an access point for new investors and participants. This approach has proven to be very effective in the traditional financial services market and will have a positive effect on cryptocurrency."
Zagotta further predicts that 2024 will be the year when institutional investors enter the digital asset market in large numbers. He said that despite various challenges facing the market, including the FTX incident, regulatory uncertainty and banking issues, institutional investors have seen significant growth in Bitstamp. They are gearing up for increased cryptocurrency adoption, especially in regions where regulatory clarity is improving.
As traditional financial firms such as BlackRock, VanEck and ARK Invest file applications for spot market Bitcoin ETFs, the U.S. Securities and Exchange Commission (SEC) is expected to approve the applications sometime in January 2024.
