Ethereum
Kraken Executive Says Ethereum ETF Launch Will “Lift All Boats”
As the investment product nears its official launch, Kraken CEO Thomas Perfumo recently said that the Ethereum ETF’s debut will be a rising tide that will “lift all boats.” BloombergThe crypto exchange’s chief strategy officer discussed the effect the ETFH product will have on the market as a whole.
During the interview, Perfumo assured that the Ethereum product was a “big deal.” Additionally, he highlighted four catalysts for cryptocurrency growth in the second half of the year, including the ETH ETF, interest rates, US presidential electionand the adoption of Bitcoin.
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Kraken Executive Calls Imminent ETH ETF Launch a “Big Deal”
At the beginning of the year, the SECOND Bitcoin shocked the financial market by approving a Bitcoin Spot ETF. This was hugely significant for crypto. It introduced the asset to a new group of institutional investors, while also catapulting its price. Just three months after its launch, BTC reached an all-time high of $73,000. This was also huge for the crypto market as a whole.
Now, Kraken CEO Thomas Perfumo says the Ethereum ETF will do much the same thing. Speaking to Bloomberg, he explained why the country’s second cryptocurrency-based ETF should be a huge deal for the market and the economy.
Perfumo said the Ethereum ETF “brings a lot of attention to cryptocurrency, generates a lot of capital flows.” Additionally, he noted that it’s a “rising tide story that lifts all boats,” in terms of its impact on the asset class.
Read also : Ethereum ETF Inflows Could Hit $10 Billion, Propelling Ether to New ATH
Speaking about the upcoming important year for the industry, Perfumo cited the “global commitment to exchange-traded products” in countries like Hong Kong and the UK. Both countries have launched their own BTC ETFs. This has proven to be critical to the exposure and adoption of Bitcoin and the market in general.
Another important point of the discussion concerned the political position of the United States, in particular the 2024 US elections. Mr. Perfumo stressed that the outcome “will set the tone for policymaking and the legislative agenda for the next four years.”