Former NYSE chairman says it will make money "flood" Convert to Bitcoin upon approval of Spot ETF
Tom Farley, former chairman of the New York Stock Exchange (NYSE) and current CEO of Bullish, shared his optimistic outlook for the future of cryptocurrencies, especially Bitcoin, following the potential approval of a Bitcoin spot exchange in an exclusive interview with CNBC. . -Securities and Exchange Commission (SEC) exchange traded fund (ETF).
Farley’s comments come as speculation continues surrounding the SEC’s decision on whether to approve a Bitcoin spot ETF. This is a move that could potentially open the floodgates to institutional investment in the Bitcoin market.
In the interview, Farley emphasized the importance of approving a spot ETF, arguing that it could be a game-changer for Bitcoin. He emphasized the appeal of spot ETFs, which give investors direct exposure to the underlying assets, unlike futures-based ETFs currently on the market.
“Everyone, including regulators, acknowledges that Bitcoin is not a security,” Farley said. “Bitcoin ETFs will flood the industry with money. All you have to do is buy it. People believe in Bitcoin. Bitcoin is a great invention. It’s a store of value.”
Farley, who recently led Bullish’s acquisition of CoinDesk, expressed confidence in Bitcoin’s long-term potential, predicting that a spot ETF would bring significant capital inflows into the market once it receives regulatory approval. He noted growing interest among institutional investors and the broader financial community seeking to access Bitcoin through traditional investment vehicles.
“This guy ran the New York Stock Exchange and is now all in on Bitcoin and cryptocurrencies,” said Joe Kernen, co-anchor of CNBC’s Squawk Box. “They use it as credibility for the asset class.”
As the industry eagerly awaits the SEC’s decision, the former head of the NYSE reflected growing confidence in Bitcoin’s future trajectory, suggesting that approval of a spot ETF would likely result in significant capital inflows into the market.
