Former NYSE President Predicts Bitcoin Spot ETF Will Surge Capital into the Industry

Explore the perspectives of Tom Farley, former NYSE President, on the evolving cryptocurrency market.

Learn about his optimistic view on Bitcoin's bull market, the impact of physical ETFs, and how they could revolutionize capital influx into the industry.

Optimistic Views on Bitcoin's Future by Former NYSE President and Bullish CEO

Tom Farley, the CEO of Bullish and former President of the New York Stock Exchange (NYSE), shared his optimistic views about the future of Bitcoin and the cryptocurrency market during an interview aired last week on CNBC.

He discussed various topics including the current bull market in cryptocurrencies, which companies will survive in the evolving market, and the impact and timing of the approval of a physical ETF (Exchange Traded Fund).

Signs of a Bull Market Already in Motion

Since around January 1, 2023, the price of Bitcoin has been steadily rising, with significant increases observed in the prices of major cryptocurrencies.

This trend has led many within the cryptocurrency industry to believe that a new bull market has begun.

In the interview, Farley expressed his agreement with this sentiment, stating, "I don't know how long it will last, but I believe the bull market has already started."

The Next Wave

In the same interview, Farley also mentioned that "in the next wave, companies that adhere to compliance and conduct sound management will emerge as winners."

He highlighted Bullish's recent acquisition of the cryptocurrency media outlet CoinDesk on the 20th of this month.

Farley described CoinDesk as a reliable media outlet known for hosting large-scale conferences and operating extensive index businesses.

Spot ETFs to Drive Capital into the Cryptocurrency Industry

Regarding the highly anticipated physical ETFs in the cryptocurrency industry, Farley was less optimistic about an early approval in November or December.

However, he holds an optimistic view on the approval of a physical Bitcoin ETF, citing that "all regulatory authorities, including the U.S. Securities and Exchange Commission (SEC), believe BTC is not a security."

Farley predicts that the approval of a physical Bitcoin ETF by the U.S. SEC would lead to a significant influx of capital into the cryptocurrency industry, stating that it would be a wonderful development for the sector.

Many experts share the view that a physical Bitcoin ETF could lead to a massive inflow of capital, with Galaxy Digital predicting last month that the launch of a physical Bitcoin ETF in the United States could attract trillions of yen in investment.