Coinbase Institutional executives express optimism for cryptocurrencies post recent approval of Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). According to Brett Tejpaul, Head of Coinbase Institutional, and Greg Tusar, Head of Institutional Product, this marks the advent of the “mainstream” era for crypto.
Coinbase Executives Bullish on Crypto Mainstreaming Post ETF Approval
In an interview, Tejpaul highlighted:
“I believe the most noteworthy aspect, somewhat overshadowed by headline desires, is that it signifies crypto’s first steps into mainstream adoption.”
Tejpaul also conveyed enthusiasm regarding the current landscape following the SEC’s approval, stating:
“Throughout our tenure building the institutional business, this moment represents the culmination of our efforts. It signifies the beginning of the next phase for this asset class.”
Cryptocurrency ETFs and Their Impact on Volatility
Earlier this month, the SEC greenlit 11 spot Bitcoin ETFs, marking a significant departure from its previous stance after rejecting numerous proposals over an 11-year period. Notably, the journey began with the submission of the inaugural proposal by Cameron and Tyler Winklevoss‘ Gemini Exchange. However, the Commission consistently denied all applications due to concerns over potential fraud and market manipulation. This stance was challenged in court, where a judge ruled that the SEC’s rejection of Grayscale’s proposal was unjust, setting the stage for subsequent approvals.
Despite the anticipation surrounding these approvals, Bitcoin’s response has not unfolded as expected. Nonetheless, many forecasts remain optimistic. For instance, Anthony Scaramucci, CEO and founder of SkyBridge Capital, foresees Bitcoin surpassing its previous all-time high (ATH) this year. According to Scaramucci, Bitcoin is poised to reclaim its ATH before the year’s end and possibly exceed it by the following year. Bitcoin’s previous ATH was reached in November 2021, peaking at $69,000.