Former NYSE President Tom Farley Optimistic on Bitcoin
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In a recent CNBC interview, former New York Stock Exchange (NYSE) president Tom Farley, now CEO of the crypto exchange Bullish, shared his bullish outlook on Bitcoin and the crypto industry. Farley anticipates a significant influx of capital into the crypto space upon approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
‘Money Will Flood Into the Industry With a Bitcoin ETF: Tom Farley
Expressing optimism about Bitcoin, Farley highlighted its unique status as a non-security according to U.S. regulators, distinguishing it from the majority of other crypto tokens. He emphasized that a Bitcoin ETF approval would simplify the process for investors to buy and hold the cryptocurrency, referring to Bitcoin as “a great invention,” as reported by news.bitcoin.com.
“Money will flood into the industry with a Bitcoin ETF. It’s just easier to buy. People believe in Bitcoin. Bitcoin is a great invention,” Farley stated during the interview.
Commenting on the current state of the crypto market, Farley asserted that he believes the bull run has already commenced. He emphasized the importance of trust, compliance, and support for the digital asset industry for exchanges to thrive in this bullish wave.
Farley’s own venture, Bullish, launched in 2021 with backing from notable investors including Peter Thiel and Mike Novogratz. Bullish aims to provide a hybrid platform, combining the features of both centralized and decentralized exchanges.
The timing of Farley’s optimistic remarks coincides with the SEC’s ongoing review of multiple applications for bitcoin ETFs. Approval of these ETFs has the potential to significantly impact the adoption and liquidity of Bitcoin. However, the SEC has yet to greenlight any spot bitcoin ETFs, citing concerns related to market manipulation, fraud, and investor protection.
Farley’s insights underscore the growing anticipation within the crypto community regarding the potential for mainstream acceptance and increased institutional investment in the cryptocurrency space.
