In an exclusive interview with CNBC Television, Bitstamp USA CEO Bobby Zagotta has shared his insights on the future of the cryptocurrency industry. According to Zagotta, the year 2024 is poised to witness a significant uptick in institutional adoption, a development that could reshape the digital assets landscape.
Zagotta emphasizes the pivotal role that institutional investors are expected to play in driving the growth of the crypto sector in the coming year. He points to a key catalyst that could ignite this surge: the potential approval of spot market Bitcoin (BTC) exchange-traded funds (ETFs). This, Zagotta believes, will capture the attention of new investors eager to enter the crypto space.
Highlighting the significance of ETFs, he notes, “There’s a few triggers that I think are underway here, and probably the most important one is [the] ETF optimism. It’s an access point for a whole new segment of investors and participants.”
Moreover, Zagotta expresses enthusiasm about 2024, foreseeing it as an exciting year for crypto. He anticipates the participation of more blue-chip investors in the digital asset market, indicating that institutions are already gearing up for increased crypto adoption.
Even in the face of challenges such as regulatory uncertainty and banking issues, Bitstamp has observed a notable uptick in institutional engagement in 2023. According to Zagotta, institutions have been actively onboarding and preparing for expanded adoption, with hopes for improved regulatory clarity in the near future.
Notably, several established financial firms, including BlackRock, VanEck, and ARK Invest, have made bids to create spot market BTC ETFs. These proposals are slated for potential approval by the U.S. Securities and Exchange Commission (SEC) in January 2024, further fueling optimism within the crypto industry.
