Ben Zhou, the co-founder and CEO of Bybit, has conveyed optimism regarding the approval of a spot Bitcoin ETF, emphasizing that, while significant, it is not a “make or break” scenario for the leading cryptocurrency.
Zhou asserts that institutions are the ones in need of the ETF, not Bitcoin itself. Pointing to Bitcoin’s resilience over the past two years amidst challenges like bankruptcies, regulatory hurdles, and banking crises, Zhou highlights that Bitcoin’s fundamentals drive its growth. He stated in an interview with CryptoNews:
“The Bitcoin ETF has been a long time coming. But now, with BlackRock and other Traditional Finance (TradFi) giants in the mix, the odds of approval are higher than ever. If approved, the effects will permeate the entire crypto market, bringing not only new money but also a new sense of confidence.”
While acknowledging there are still unanswered questions about the potential approval of a spot Bitcoin ETF, Zhou remains confident in Bitcoin’s ability to outperform other assets, irrespective of regulatory developments. He adds:
“There are still a lot of questions to be resolved, but we know this much: crypto isn’t too volatile or unregulated to warrant an ETF. The persistence of BlackRock and others indicate Bitcoin’s maturation as an asset class.”
Spot ETF Will Encourage More Institutions to Invest in Bitcoin
As previously reported, Ark Invest CEO Cathie Wood has also voiced optimism about the approval of the highly anticipated ETF by the U.S. SEC. Wood pointed out positive indicators for approval in January 2024 and emphasized the significance of a spot Bitcoin ETF in catalyzing institutional interest in the crypto space.
In alignment with Ben Zhou’s perspective, both Wood and Zhou express optimism about the potential impact of the ETF. However, they caution that the sustained growth of Bitcoin is fundamentally driven by its intrinsic factors rather than ETF approval. The decision from the U.S. SEC is eagerly awaited by investors and market participants, with expectations for a resolution this week.
