Swan Bitcoin’s CEO, Cory Klippsten, has proposed that spot Bitcoin exchange-traded funds (ETFs) could significantly alter the landscape of cryptocurrency marketing.
In a recent interview with Bloomberg on December 1, Klippsten emphasized that Bitcoin ETFs provide an alternative means of entering the crypto market, one that can bypass the noisy and often manipulative marketing tactics that have dominated the space since 2017.
Klippsten noted that over the past six years, the crypto industry has been inundated with aggressive marketing schemes fueled by substantial venture capital investments, which aimed to promote and sell various crypto tokens.
These strategies often lured newcomers into the space with flashy promises and high-risk propositions.
In contrast, Klippsten explained that Bitcoin ETFs function as a form of IOU for Bitcoin itself, differing from futures-based alternatives.
They represent a paper version of the cryptocurrency, but the issuing firm is required to secure the investments by purchasing actual Bitcoin.
READ MORE: Bitcoin Surges to $39,000 Amidst Federal Reserve’s Policy Easing Hints
This, he believes, makes ETFs a more secure and reliable entry point for newcomers looking to invest in Bitcoin.
Furthermore, Klippsten shares the optimism of many crypto analysts who anticipate a “clear runway” for Bitcoin ETF approval in January.
He highlighted a potential approval window around January 8th, 9th, or 10th, based on signals from the SEC and industry insiders.
Interestingly, this perspective coincides with a recent announcement by Standard Chartered, a major banking institution, which predicted that Bitcoin ETFs could drive the price of Bitcoin up by a remarkable 165% by the end of 2024.
Standard Chartered’s Geoff Kenrick, Head of EM FX Research, West, and Crypto Research, pointed out that the shift in forecasts suggests the possibility of significant price increases before April 2024, primarily due to the anticipated introduction of US spot ETFs ahead of schedule.
In summary, Cory Klippsten’s insights suggest that Bitcoin ETFs may bring a more stable and transparent investment avenue for individuals seeking exposure to the crypto market while avoiding the noisy marketing tactics that have dominated the industry for years.
The convergence of such views, along with the anticipation of ETF approval and the positive price outlook, indicates an evolving and maturing cryptocurrency landscape.
Discover the Crypto Intelligence Blockchain Council
