Former NYSE President Predicts Influx of Money with Bitcoin ETF Approval
Tom Farley, former President of the New York Stock Exchange (NYSE), discussed the potential impact of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) and the upcoming crypto bull run in an interview with CNBC. Farley, who currently serves as the CEO of cryptocurrency exchange Bullish, expressed his optimism for bitcoin due to the SEC and other regulators recognizing it as not a security. He believes that if a bitcoin ETF is approved, it will make buying bitcoin easier and attract more investors who believe in the cryptocurrency’s potential. Farley also stated that the current bull market has already begun.
The Importance of Trust and Compliance in the Crypto Market
Farley emphasized that in the current wave of the bull market, trusted and compliant exchanges will be the winners. He believes that supporting and strengthening the digital asset industry is crucial for these exchanges. Bullish, the crypto exchange led by Farley, was launched in 2021 and has received backing from notable investors such as Peter Thiel and Mike Novogratz. The exchange recently acquired Coindesk, a popular crypto media outlet, in an all-cash deal.
Hot Take: Bitcoin ETF Approval to Drive Industry Growth
Former NYSE President Tom Farley anticipates significant growth in the crypto industry once the SEC approves spot bitcoin ETFs. He predicts that an influx of money will pour into the market, noting that buying bitcoin will become more accessible as a result. Farley expressed his belief in bitcoin as a groundbreaking invention and highlighted the importance of trust, compliance, and support for the digital asset industry in the current bull market. Overall, he sees a promising future for bitcoin and the wider cryptocurrency space.
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