Altcoins
Sergey Nazarov Says Ethereum ETF Approval Is a Clear Sign More Altcoins Will Follow
Sweater (CONNECTION) Co-founder Sergey Nazarov doesn’t believe the US Securities and Exchange Commission (SEC) will stop at Ethereum (ET).
Last week, the SEC approved form the 19b-4 filings of BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton, and Invesco Galaxy simultaneously, paving the way for Ethereum spot Exchange Traded Funds (ETFs) in the United States.
Nazarov He says the approval indicates that the regulator will give the green light to ETF offerings for other crypto assets in the future.
“The launch of the ETH ETF demonstrates a very simple premise: that the Bitcoin ETF will not be the only ETF or traditional financial market vehicle through which the institutional investor and average consumer will be able to access cryptocurrencies.
It will extend beyond Bitcoin to, in this case, ETH, but I personally believe this is just the beginning. Just as many systems and protocols initially list Bitcoin and ETH, then list a multitude of other tokens, this is truly the trajectory we are on.”
Earlier this year, Chainlink co-founder She said the launch of Bitcoin spot (Bitcoin) ETFs represented a “watershed moment” for the sector, as they could mark the beginning of a massive inflow of capital from global finance.
“Historically, the way this has evolved is that net new buyers drive more adoption and market cycles. And I think the question to ask is, “Who are the net new buyers in this cycle?” Net new buyers are the global financial system, which is a very large group of net new buyers.
The Bitcoin ETF is an initial offering that allows the global financial system to basically have investment tracks, payment tracks and ways to invest capital in cryptocurrency and Bitcoin within structures that they find comfortable and normal for them and something that they can do from a risk point of view.”
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