The Chief Executive Officer (CEO) of Grayscale Investments, Michael Sonnenshein, has predicted that the approval of the spot Bitcoin ETF could bring $30 trillion of ‘advised wealth’ into the market.
In a CNBC interview, Sonnenshein said that there is a lot of optimism in the Bitcoin market, and many investors are adding BTC to their portfolios.
The Grayscale CEO expressed that spot Bitcoin ETFs will unlock access for those investors who do not have Bitcoin exposure till now. “We’re really talking about the advise market here in the U.S., which is today about $30 trillion worth of advised wealth,” he said.
Grayscale is one of the applicants who has been long seeking approval for their spot Bitcoin ETF applications.
The firm is transiting its GBTC fund into a spot ETF with the recent filings and the CEO Sonnenshein is much more optimistic after their recent meeting and discussion with the SEC earlier this month.
While several analysts have been forecasting post-spot ETF capital inflow for the past couple of months, the majority have agreed that the potential fund injection will massively impact the BTC price which could reportedly surge to as high as $100,000 within days of first ETF approval.