According to Cointelegraph: Spot Bitcoin Exchange-Traded Funds (ETFs) could trigger a tremendous influx of investment, says Michael Sonnenshein, the CEO of Grayscale, a key player aiming for spot Bitcoin ETF approval. He anticipates these ETFs could channel about $30 trillion from the advised wealth market in the U.S. into Bitcoin, as stated in a CNBC interview.
With positive expectations surrounding Bitcoin, Sonnenshein underscored that many investors are adopting Bitcoin in their portfolios, and spot Bitcoin ETFs could further enhance this trend by empowering an investment community previously unable to delve into Bitcoin.
Apart from Sonnenshein, Jan3 CEO Samson Mow holds an optimistic view, proposing that ETFs could escalate Bitcoin prices up to $1 million and significantly aid in the branding and marketing aspect of Bitcoin. Mow envisions an advertising battle spurred by platform competition, strategizing to attract more assets under management (AUM), which would ultimately benefit Bitcoin.
Comparatively, MicroStrategy co-founder, Michael Saylor, highlights that Bitcoin ETFs could be the most significant Wall Street development in three decades, acting as a catalyst that channels demand into Bitcoin and opening doors for mainstream retail and institutional investors to gain exposure to Bitcoin.
However, opinions differ as Anthony Pompliano, a crypto investor, anticipates that although an ultra-bullish development, the ETFs would not cause the Bitcoin prices to "double" overnight or sway a large market.
Bitcoin supporter Oliver Velez contrasts “real Bitcoin” with buying a spot BTC ETF, terming the latter as “buying paper Bitcoin” with a yearly charged cost, while real Bitcoin incurs a "once in a lifetime cost." Velez opined that true Bitcoiners will prioritize real BTC, eliminating custody costs.