NYSE president commends Bitcoin ETFs amid skeptical views from financial advisors
CRYPTOS | 06/01/2024 01:42:54 GMT
Lynn Martin, the New York Stock Exchange group president, says you can't argue with the success of Bitcoin ETFs.
US financial advisors remain skeptical of Bitcoin ETFs amid market enthusiasm.
An interview conducted by CNBC suggests that advisors are not recommending Bitcoin ETF investments, citing clients' safety as a reason.
Five months after the approval of Bitcoin ETFs, financial investors still show restraint in recommending the largest digital asset. However, Lynn Martin, President of the New York Stock Exchange (NYSE), praised the ETFs' resounding success in an interview on Friday.
Lynn Martin lauds Bitcoin ETFs
Lynn Martin, the president of the New York Stock Exchange (NYSE), commended Bitcoin ETFs' current successes in an interview with CNBC on Friday.
"I think you can't argue with the success of Bitcoin ETFs and the liquidity it has brought to the underlying markets," Lynn said.
Also read: Bitcoin Weekly Forecast: BTC likely to provide another buying opportunity
Lynn had earlier revealed her views on digital assets on Wednesday, stating her openness to cryptocurrencies and the NYSE's consideration for trading them if only the crypto market had clearer regulations.
Meanwhile, US financial advisors still have skeptical views on investments in Bitcoin ETFs. Despite the enthusiasm surrounding Bitcoin ETFs, including its recent feat of hitting 1 million BTC in assets under management (AUM), these experts still hold reservations about the number one cryptocurrency.
According to a CNBC report, most advisors stated that they are "neither initiating conversations nor fielding client inquiries about the ETFs." CNBC had surveyed a dozen members of an advisor council, including Baker. The results pointed out two major concerns of these individuals: volatility and regulatory uncertainties.
Read more: Bitcoin long-term holders begin re-accumulation after Semler Scientific and Mt Gox make major whale moves
Before the launch of Bitcoin ETFs, these advisors had previously cited Bitcoin's high volatility as a reason for their skepticism.
However, many of these advisors believe that consistent inflows in the ETFs over the years would lower Bitcoin's volatility, making it more adoptable.
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