The CEO of cryptocurrency exchange Bullish, Tom Farley, who previously served as president of the New York Stock Exchange (NYSE), believes that institutional investors will go into bitcoin en masse after the emergence of a spot crypto fund ETF in the U.S. market.
Despite the volatility, the digital currency should be considered as one of the safest assets. It is the only instrument that the SEC does not recognize as a security, Tom Farley said on CNBC.
He emphasized:
“Money will flow in a big way into the bitcoin-ETF because it’s easier to acquire. People believe in bitcoin, and it’s a great invention of mankind.”
Financial giants are trying to launch crypto funds in the US investing in BTC.
Among the asset managers, BlackRock, Fidelity and Franklin Templeton stand out as they are also looking to launch such an instrument, with big capital showing interest.