You can’t argue with Bitcoin’s success

Martin expressed optimism about Bitcoin ETFs, highlighting their potential and the resources they currently bring to Wall Street.

Lynn Martin, president of the New York Stock Exchange Group, expressed this optimism when asked about the Consensus 2024 launch of Bitcoin (BTC) ETFs and their potential for Wall Street. She touched on the resources they have already brought to market.

“We have been in discussions with the SEC about Bitcoin ETFs for over six years,” Martin said in an interview. “I think you can’t argue with the success of Bitcoin ETFs and the liquidity they bring to the underlying market.”

Financial managers are increasingly interested in cryptocurrency, either directly or through ETFs, resulting in price increases in the crypto market. January’s spot Bitcoin ETF approval attracted interest from traditional investors by bringing plenty of liquidity to the market, Martin said.

Washington and Wall Street embrace crypto

There have been strong price movements in the crypto markets and Wall Street recently, much of which can be attributed to strong inflows into US-listed ETFs. The cryptocurrency’s market cap has surpassed $1 trillion since the approval of Bitcoin ETFs.

A spot crypto ETF directly reflects the price of a particular cryptocurrency and strategically allocates portfolio funds to that cryptocurrency. These funds are actively traded on public exchanges and reflect the performance of a particular cryptocurrency. Like other funds, crypto ETFs are readily available on standard exchanges, and investors can hold them in brokerage accounts.

A spot Ethereum ETF was recently approved, providing investors with a regulated and accessible way to access Ethereum. Other spot crypto ETFs may follow.

Martin’s comments come at a time when the US government is optimistic about crypto. Last week, the US House of Representatives passed the FIT21 bill. The bill clarifies how the SEC classifies crypto by creating a “digital commodity” term for digital assets.

The bill aims to eliminate fraud, regulate crypto exchanges, and protect consumers while creating a stable environment for cryptocurrency. It basically states that crypto is now a government matter.

Recently, Donald Trump began accepting campaign donations in crypto, signaling a greater embrace by politicians of the industry.