Bybit CEO Optimistic about Spot Bitcoin ETF Approval
Ben Zhou, the co-founder and CEO of Bybit, is optimistic about the approval of a spot Bitcoin ETF. However, he believes that this approval is not crucial for the success of Bitcoin. Zhou emphasizes that it is the institutions that need the ETF, not Bitcoin itself. Despite challenges like bankruptcies and regulatory hurdles, Bitcoin has shown resilience over the past two years due to its strong fundamentals. Zhou states that if approved, a Bitcoin ETF would bring new money and a sense of confidence to the entire crypto market.
Bitcoin’s Ability to Outperform Other Assets
Zhou acknowledges that there are still unresolved questions regarding a spot Bitcoin ETF approval. Nevertheless, he expresses confidence in Bitcoin’s ability to outperform other assets, regardless of regulatory developments. He believes that crypto is mature enough as an asset class to warrant an ETF. The persistence of BlackRock and other traditional finance giants in pursuing a Bitcoin ETF indicates the maturation of Bitcoin as an asset class.
Spot ETF Will Encourage More Institutions to Invest in Bitcoin
Cathie Wood, CEO of Ark Invest, also shares optimism about the potential approval of a spot Bitcoin ETF by the U.S. SEC. Wood highlights the importance of such an ETF in stimulating institutional interest in the crypto space. Both Zhou and Wood agree that while the ETF may have an impact, it is ultimately Bitcoin’s fundamentals that drive its sustained growth. The decision on the spot Bitcoin ETF approval by the U.S. SEC is expected this week.
Hot Take: Institutions Need the ETF, Not Bitcoin
The co-founder and CEO of Bybit, Ben Zhou, believes that while a spot Bitcoin ETF approval would have positive effects on the crypto market, it is not essential for Bitcoin’s success. According to Zhou, it is the institutions that need the ETF, not Bitcoin itself. He emphasizes that Bitcoin’s fundamentals have driven its growth and resilience over the past two years. Zhou expresses confidence in Bitcoin’s ability to outperform other assets, regardless of regulatory developments. The approval of a Bitcoin ETF would bring new money and a sense of confidence to the market.
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