Grayscale CEO, Michael Sonnenshein is optimistic about Bitcoin ETF’s future in the US. He has commented saying that Bitcoin is just a “couple of points of maturation” away from getting an approved ETF in the U.S
Only a “few maturity points” separate the United States from its first Bitcoin (BTC) exchange-traded fund, according to the CEO of crypto investing firm Grayscale (ETF).
Michael Sonnenshein, speaking to CNBC on July 19, underlined that a U.S. ETF is a matter of “when not if.”
Regulators are now considering 13 ETF applications, and the United States is lagging behind neighbouring Canada in approving them.
After years of applications and rejections, some fear that an ETF would eventually put downward price pressure on Bitcoin in the long run.
Nonetheless, Grayscale CEO Sonnenshein claims that the company is “100% committed” to converting its Bitcoin product, the Grayscale Bitcoin Trust ($GBTC), to ETFs when the time comes.
“I think in our seat, from our view of the world, we’re really looking for a couple of different points of maturation in the underlying market, and that’s really the final stages of what we think regulators need to approve those types of products and give investors the protections that they’re looking for,” he told the network.
Grayscale established a relationship with BNY Mellon, a U.S. banking powerhouse, last week, which would now supply services for GBTC during its transition.
GBTC has already made headlines in crypto circles as a result of its unlocking events, the most recent of which took place on Sunday, with varied reactions to its prospective price impact.
Meanwhile, a poll revealed that existing institutional BTC investors are far from through with the asset, with 40% indicating that they intend to acquire more in the future.
