22 November 2023
In an exclusive interview with CNBC, Tom Farley, the former President of the New York Stock Exchange (NYSE) and current CEO of Bullish, shared his optimistic outlook on the future of cryptocurrency, particularly Bitcoin, upon the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).
Farley’s comments come amidst the ongoing speculation surrounding the SEC’s decision on whether to approve a Bitcoin spot ETF, a move that could potentially open the floodgates for institutional investment in the Bitcoin market.
During the interview, Farley emphasized the significance of a spot ETF approval, asserting that it could be a game-changer for Bitcoin. He highlighted the appeal of a spot ETF, which would allow investors to gain direct exposure to the underlying asset, unlike futures-based ETFs currently available in the market.
“Everyone acknowledges Bitcoin is not a security, including the regulators,” said Farley. “Money will flood into the industry with a Bitcoin ETF, it’s just easy to buy it. People believe in Bitcoin. Bitcoin is a great invention. It is a store of value.”
Farley, who recently spearheaded Bullish’s acquisition of CoinDesk, expressed confidence in Bitcoin’s long-term potential, predicting a substantial inflow of capital into the market once a spot ETF receives regulatory approval. He cited the increasing interest among institutional investors and the broader financial community in gaining access to Bitcoin through traditional investment vehicles.
“This guy ran the New York Stock Exchange, he’s all in on Bitcoin and crypto now,” said co-anchor of CNBC’s Squawk Box Joe Kernen. “They use that as credibility for the asset class.”
As the industry eagerly awaits the SEC’s decision, the former head of the NYSE’s bullish sentiment echoes the growing confidence in Bitcoin’s future trajectory, signaling the potential for a significant influx of capital into the market upon the approval of a spot ETF.