The Entrance Gateway to Bitcoin is Quieting Down, Indicates Swan Bitcoin CEO
Swan Bitcoin's CEO, Cory Klippsten, has suggested that the advent of spot Bitcoin exchange-traded funds (ETFs) may usher in a more subdued era, moving away from the flashy marketing strategies that have characterized the cryptocurrency space since 2017. In a recent interview with Bloomberg on December 1, Klippsten emphasized that Bitcoin ETFs provide an alternative entry point into the market, especially at a time when the industry has been marked by well-funded promotional campaigns.
Klippsten explained that ETFs operate as a form of IOU for Bitcoin, distinguishing them from their futures-based counterparts. Essentially, ETFs represent a paper manifestation of Bitcoin, but their issuance requires firms to secure investors by acquiring actual Bitcoin. He sees ETFs as an effective means for individuals to initially engage with Bitcoin, allowing them to explore the cryptocurrency further and potentially increase their holdings.
Expressing optimism in line with other crypto analysts, Klippsten anticipates a favorable environment for Bitcoin ETF approval in January. He pointed to a potential approval window around January 8th, 9th, or 10th, citing signals from the U.S. Securities and Exchange Commission (SEC) and industry insiders.
This perspective aligns with a recent prediction by Standard Chartered, a major bank, which forecasted a significant increase in Bitcoin's price by 165% in 2024 if ETFs are approved. Standard Chartered, on November 30, suggested that Bitcoin could reach six figures by the end of 2024. Geoff Kenrick, the bank's head of EM FX Research, West, and Crypto Research, noted the shift in forecasts and hinted at the possibility of further price hikes before April 2024.
