Indian crypto player upbeat about US nod for Bitcoin Spot ETFs, calls it a game-changer

Bengaluru: The approval of Bitcoin Spot Exchange-Traded Funds (ETF) in the US marks a significant milestone in the integration of crypto assets into mainstream financial markets, Vikram Subburaj, founder and CEO of Giottus, a leading crypto exchange in India, said.

The US securities regulator on Wednesday approved the first US-listed exchange traded funds (ETFs) to track bitcoin, in a move many views as a watershed moment for the world’s largest cryptocurrency and the crypto industry as a whole.

Subburaj, whose company boasts of 1.1 million customers, said the US move would ensure mainstream accessibility, enhanced market legitimacy and potential for increased trade in the crypto market.

“The US Securities and Exchange Commission (SEC)’s approval of Bitcoin spot ETFs is the most impactful event in the crypto world in recent times. This will mark a new era in the adoption of Bitcoin and other crypto assets by paving the way for traditional institutions to allocate a part of their portfolio in this investment class. Multiple analysts have predicted a $1 billion inflow into BTC spot ETFs in the next three months and $100 billion by the end of 2024. We have already seen an increase in interest and asset prices in the last three months, Subburaj said.

He said Bitcoin spot ETF approval will invigorate the global market and the cascading effect will be felt on all other digital assets with strong fundamentals. “With an Ethereum spot ETF next on the cards and other regions like Hong Kong also interested in launching similar products, we see this as a watershed movement that will help solidify the position of crypto assets as a preferred alternative investment asset,” he said.
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He said he was expecting proactive measures from the Indian government to facilitate Indian investors in harnessing the advantages offered by such instruments.”

The Reserve Bank of India (RBI) Governor Shaktikanta Das, has, however, said that the central bank does not “emulate” others when it comes to regulations and asserted that the bank’s as well as his own opposition to cryptocurrencies remain unchanged.

He said that emerging markets and the world cannot afford to have a “crypto mania”.