Bybit’s CEO, Ben Zhou, remains hopeful about the approval of a spot Bitcoin ETF, emphasizing its potential impact on the crypto market. However, Zhou believes that the approval of such an ETF is not a make-or-break situation for Bitcoin, asserting that it is the institutions that need the ETF, not the cryptocurrency itself.
Zhou pointed out Bitcoin’s resilience over the past two years, navigating challenges like bankruptcies, regulatory hurdles, and banking crises. He emphasized that Bitcoin’s fundamentals drive its growth, stating, “The persistence of BlackRock and others indicate Bitcoin’s maturation as an asset class.”
While acknowledging unresolved questions regarding a spot Bitcoin ETF approval, Zhou expressed confidence in Bitcoin’s ability to outperform other assets, regardless of regulatory developments. He anticipates that if approved, a Bitcoin ETF would bring not only new investments but also a renewed sense of confidence to the entire crypto market.
Cathie Wood, CEO of Ark Invest, shares this optimism, highlighting encouraging signs for ETF approval in January 2024. Both Zhou and Wood caution that Bitcoin’s fundamentals, rather than ETF approval, remain the primary driver of sustained growth. The decision from the U.S. SEC on the ETF is eagerly awaited by investors and market participants.
