Former BlackRock CEO Steven Schoenfeld predicts that up to $200 billion could be invested in BlackRock’s spot Bitcoin ETF. He also believes that the SEC will likely approve spot Bitcoin ETFs within a few months. Schoenfeld made these statements during a speech at CCData’s Digital Asset Summit in London. Although he has experience in traditional markets, he demonstrated knowledge of Bitcoin during the summit.
Schoenfeld’s hypothesis is based on his analysis, suggesting that the approval of spot Bitcoin ETFs could bring an inflow of $150 billion to $200 billion over three years, potentially doubling or tripling the market for crypto derivatives. He also mentioned that the recent Grayscale case against the SEC may force the agency to approve the conversion of the Grayscale Bitcoin Trust into an ETF.
If his predictions hold true, the demand for spot BTC ETFs would require managers to buy BTC from the spot market as collateral, leading to an increase in price. This effect may be particularly significant during the post-halving period when big bull runs typically occur.
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