Circle co-founder and CEO Jeremy Allaire stated that he expects the new wave of#BitcoinETFs (exchange traded funds) to be approved.
Speaking in an interview with Bloomberg at the World Economic Forum, Allaire said many past concerns were addressed before the ETF was approved, making it more likely to be approved for general investor access.
I believe there are more mature market structures that would support something like this. It has mature spot markets, well-regulated custody infrastructure and good market surveillance.
Recently, the US Securities and Exchange Commission (SEC) has received many spot Bitcoin ETF applications from asset managers such as BlackRock (BLK) and Invesco (IVZ). Many believe that the secret to approval of spot ETFs is to create a market oversight mechanism, just as regulators in Ontario wanted to see a mature custody ecosystem before the first Bitcoin ETFs traded in Toronto were approved.
The futures Bitcoin (BTC) Strategy ETF (BITO), offered by ProShares, broke a new record by receiving $65 million in investments on a weekly basis. While this shows that the asset class is still attracting significant interest from investors, Allaire also added that Circle is seeing demand for digital dollars in emerging markets:
Singapore regulators have been at the forefront of this, and Hong Kong is trying to establish itself as a major hub for digital asset markets and stablecoins. We attach great importance to this issue.