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Investors are eagerly awaiting the Securities and Exchange Commission’s decision regarding spot Bitcoin ETFs. Bitcoin (BTC-USD) prices have soared in recent weeks as traders bet on the ETF being approved.
eToro Global Market Strategist Ben Laidler joins Yahoo Finance Live to take a look at what the crypto sector will do this year.
Despite being the smallest and youngest asset class, Laidler says it is “the best-performing asset class.” Laidler pointed to a “long list of catalysts” for cryptocurrencies, including changes in banking regulations and expected loosening of corporate ownership rights, as signs of growth in the crypto space.
For more expert insights and the latest market trends, click here to watch the full episode of Yahoo Finance Live.
Editor’s note: This article was written by Ike Ntekim.
video transcript
– I’d like to hear a little bit about what we’ve been seeing in the crypto world. And certainly there’s a lot of hype surrounding the expectation, the expectation, that we’ll get SEC approval for a Bitcoin ETF next week. That’s probably called the basic case. But if you look at the sentiment both in terms of what we’ve seen so far from cryptocurrencies over the past six months and your view that the crypto market is representative of investor sentiment at this point. I’m curious what you think about that deal in context. All the things we talked about with the stock market.
Ben Laidler: Cryptography is interesting. Therefore, this is the smallest asset class. This is the youngest asset class. Last year it increased by 150%. So this was clearly the best performing asset class during the worst period of the previous year. And I think the only thing that’s interesting as we look to the future is the long list of catalysts. That said, we’re very attached to a potential spot Bitcoin ETF. Let’s see if we can get it next week. Indeed, the market certainly views it quite positively. But I think that’s actually just the beginning of what could happen in 2024.
In other words, Bitcoin will be halved. There are many institutional changes. We are counting changes that will make it easier for businesses to own cryptocurrencies. Changes in banking regulations to make it easier for banks to hold virtual currencies. I wouldn’t be surprised if someday central banks took the plunge and announced they own cryptocurrencies. So, again, in the context of a smaller, younger asset class, I think any of these catalysts could potentially make sense.
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