Exclusively interview with CNBC, Tom Farley, former chairman 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 amid ongoing speculation around whether the SEC will approve a Bitcoin spot ETF, a move that could potentially open the floodgates to institutional investment in the Bitcoin market.
During the interview, Farley highlighted the importance of the timely approval of an ETF, saying 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 recognizes that Bitcoin is not a security, including regulators,” Farley said. “Money is going to flow into the industry with a Bitcoin ETF, it’s just easy to buy it. People believe in Bitcoin. Bitcoin is a great invention. It’s a store of value.”
Farley, who recently led Bullish’s acquisition of CoinDesk, expressed confidence in Bitcoin’s long-term potential, predicting a substantial influx of capital into the market once a spot ETF receives regulatory approval . He cited growing interest from institutional investors and the broader financial community in accessing Bitcoin through traditional investment vehicles.
“This guy used to run the New York Stock Exchange, now he’s into Bitcoin and cryptocurrencies,” said Joe Kernen, co-anchor of CNBC’s Squawk Box. “They’re using that as credibility for the asset class.”
As the industry eagerly awaits the SEC’s decision, the former NYSE official’s bullish sentiment echoes growing confidence in Bitcoin’s future trajectory, signaling the potential for a significant influx of capital into the market after approval of a spot ETF.