Coinbase Reveals ‘Massive’ $48 Trillion Opportunity Amid Bitcoin, Ethereum, XRP And Crypto Price Pump

and cryptocurrencies, including major coins Ethereum and XRP
have skyrocketed in recent weeks as Excitement grows over a sudden "major" BlackRock "breakthrough."

Subscribe now to Forbes Cryptoasset and Blockchain Advisor and successfully navigate the rollercoaster of the bitcoin and cryptocurrency market ahead of next year's historic bitcoin halving!

The price of bitcoin has surpassed $36,000 per bitcoin for the first time since mid-2022 thanks to The world's largest asset manager unleashes "nuclear winter" (Some experts anticipate an even bigger shock is coming that could blow up Ethereum and XRP.).

Now, researchers at the largest US bitcoin and cryptocurrency exchange, Coinbase
have predicted that the approval of a long-awaited bitcoin spot exchange-traded fund (ETF) could open the floodgates for the $48.3 trillion US wealth management industry to venture into the cryptocurrency market.

The historic Bitcoin halving that is expected to cause chaos in cryptocurrency prices is just around the corner! Register now for free CryptoCodexA daily newsletter for traders, investors and those curious about cryptocurrencies that will keep you on the cutting edge of the market.

"Over the long term... bitcoin spot ETFs could add billions of dollars to the total crypto market capitalization, as well as generate potential new investments for the asset class," wrote David Duong, head of institutional research at Coinbase, in the exchange's November market report. seen by Coindesk.

“The impact of one or more bitcoin spot ETF approvals is significant as it will open up a huge opportunity for the wealth management community, which manages more than a third of all wealth in the US.”—recently estimated at $48.3 billion by Galaxy Digital research.

"We believe ETFs can potentially lead to new financial products (such as loans and derivatives)," Duong added, raising the odds that the US Securities and Exchange Commission (SEC) will approve a bitcoin spot ETF so expected before the end of this year, much longer than before BlackRock made its historic presentation in June.

The price of bitcoin has risen steadily through 2023, boosted in June after BlackRock, the world's largest asset manager that manages about $10 trillion on behalf of clients, filed to create a bitcoin spot ETF, with Coinbase as your custodian.

Register now to CryptoCodex—A free daily newsletter for the crypto-curious

MORE FROM FORBESBlackRock has just unleashed 'nuclear winter': causing 'panic' in the prices of Bitcoin, Ethereum, XRP, Solana and cryptocurrencies

Other Wall Street giants rushed to file their own applications in the wake of BlackRock's bid, while crypto asset manager Grayscale scored a legal victory over the SEC that many saw as a precursor to turning its flagship bitcoin trust into a full-fledged bitcoin spot ETF.

“There are smoke signals about the very likely and almost imminent approval of bitcoin spot ETFs,” Bundeep Singh Rangar, CEO of crypto and fintech investor Fineqia, said in emailed comments. "The market is simply responding to this positive signal."

Leave a Comment


No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *