The CEO of Bybit believes that institutions should utilize ETFs rather than Bitcoin.

Bybit CEO Optimistic About Bitcoin ETF Approval

Ben Zhou, co-founder and head of Bybit, holds an optimistic outlook regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF). While acknowledging the significance of a Bitcoin ETF approval, Zhou asserts that Bitcoin’s resilience and intrinsic value extend beyond regulatory milestones.

Bitcoin’s Resilience Amid Challenges

Despite enduring challenges like bankruptcies, regulatory hurdles, and banking issues over the past two years, Bitcoin has demonstrated remarkable strength, attributed to its fundamental characteristics. Zhou underscores Bitcoin’s resilience, noting that its enduring qualities have underpinned its growth trajectory amidst market turbulence.

Anticipated Impact of Bitcoin ETF Approval

Zhou acknowledges the widespread anticipation surrounding the approval of a Bitcoin ETF, particularly with major financial institutions like BlackRock showing interest. He anticipates that greenlighting a Bitcoin ETF would significantly bolster the crypto market by attracting more capital and instilling confidence among investors.

Uncertainty Surrounding Approval

While optimistic about the prospect of a Bitcoin ETF approval, Zhou remains cognizant of the lingering uncertainty. However, he asserts that even in the absence of ETF approval, Bitcoin’s performance is poised to outshine alternative investment options. Regardless of regulatory developments, Zhou emphasizes Bitcoin’s robustness as an investment asset.

Cathie Wood’s Optimism

Cathie Wood, CEO of Ark Invest, echoes Zhou’s optimism regarding Bitcoin ETF approval. Wood underscores the positive indicators pointing towards approval in January 2024, highlighting the pivotal role of a Bitcoin ETF in garnering interest from major players in the cryptocurrency industry.

Long-Term Growth Factors

While acknowledging the potential benefits of a Bitcoin ETF, both Zhou and Wood emphasize that Bitcoin’s intrinsic qualities are paramount for its sustained growth. They assert that regulatory milestones, while significant, are secondary to Bitcoin’s inherent value proposition and market fundamentals.

Awaiting Regulatory Decision

Investors keenly await a decision from the US Securities and Exchange Commission, with hopes that an ETF approval could catalyze further adoption and investment in Bitcoin. Regardless of the regulatory outcome, the enduring strength of Bitcoin as a disruptive financial asset remains a focal point for market participants.

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