ETFs, more than just FOMO? Certainly, the famous exchange-traded funds (AND F) in cash Bitcoin (BTC) are highly anticipated. Many also hope that these ETFs be approved at the start of 2024. But what will happen After a potential approval of the Securities and Exchange Commission (DRY) ? Past euphoriasome believe that ETFs could have a negative impact in the crypto market. However, this is not at all the opinion ofAnthony Scaramucciwho thinks that these funds will be very bullish in the long term for the sector.
Hope for a spot Bitcoin ETF drives prices higher, but for how long?
We’re not going to lie, the simple announcement (and even, the simple rumor) of a Bitcoin spot ETF from giant BlackRock made the Bitcoin price – and the entire cryptocurrency market – in FOMO (“ Fear of missing out », the fear of missing an opportunity) last June.
However, a good portion of analysts believe that these BTC spot ETF stories could well follow the famous trading maxim: “ Buy the Rumor, Sell the News “. In summary: as long as ETFs are not yet approved, this prospect creates a bullish pressure on BTC and cryptos.
But shortly after approval, after the few days (hours?) of intense euphoria, the players already positioned for some time to buy could massively take their profits, leading to a possible cascade of downward pressure.
Anthony Scaramucci Is Convinced These Crypto Spot Funds Are Bullish
Anthony Scaramucci However, he does not believe in this rapid disinterest. In a recent interview given during the podcast The Scoop of The Block, the founder and managing partner of SkyBridge Capital details us as follows Whyin his view, crypto spot ETFs will be bullish, including long termfor the digital assets sector.
As Anthony Scaramucci explains, his optimism is due to “a not-so-secret secret” in the little world of Wall Street : the fact that financial products like ETFs are mostly sold to institutional investors by investment specialists like him. Kinds of “commercial” will be suddenly dedicated to the sale of spot Bitcoin ETFs to large investors, if approved.
“The not-so-secret reality of Wall Street is that financial products are sold, not bought. I just want you to imagine an army, a legion of people who are going to sell (…). They’re going to do a Mantra Speech on Bitcoin where they’re going to tell people to invest 1% in BTC, and those people who traditionally buy ETFs (…) will now have the option to buy spot Bitcoin ETFs approved by the federal government. (..) I think these products – this product, the Bitcoin spot ETF – will launch tens of thousands of people into a sales force [en leur faveur]. »
Anthony Scaramucci, founder and managing partner of SkyBridge Capital
This is the key to Anthony Scaramucci’s great optimism, a sort of “unleashed army of VRPs for spot Bitcoin ETFs », abruptly released by an approval from the SEC. Approval which would thus be a final seal, affixed by the regulatory authorities, which would mark the beginning oforgy buyer saleswoman spot BTC ETF towards institutional investors. What make Bitcoin reach $100,000 by the end of 2024? Experts from the large multinational banking company Standard Chartered are, in any case, convinced.