As an experienced financial analyst, I believe this is a significant development in the world of cryptocurrencies. The SEC’s approval of Ethereum ETFs paves the way for other major digital assets like Solana and Ripple to potentially follow suit, as suggested by Standard Chartered Bank’s Geoffrey Kendrick.
According to Standard Chartered Bank’s Geoffrey Kendrick, the SEC’s approval of ether ETFs marks a significant milestone, and he predicts that the crypto ETF market will experience substantial growth by 2025.
Kendrick, the leading figure in forex and digital asset research, pointed out that Ethereum‘s approval for Exchange-Traded Funds (ETFs) paves the way for potential ETF listings for cryptocurrencies like Solana (SOL) and Ripple (XRP). These cryptos could debut their ETFs as early as 2025.
🚧NEW DEVELOPMENT🚧Analyst Geoffrey Kendrick from Standard Chartered predicts that Solana (SOL) and Ripple (XRP) exchange-traded funds (ETFs) might become a reality by 2025.Trading for an Ethereum ETF is set to begin next month, potentially generating between $15-$45 billion in the first year.Kendrick also stated that Ethereum and similar cryptocurrencies would not be categorized as securities.— Ash Crypto (@Ashcryptoreal) May 24, 2024
The endorsement that Ethereum and related cryptocurrencies are not considered securities could make it simpler for other digital assets to follow suit. According to Kendrick’s perspective, the shared technological foundation among these virtual currencies may undermine the SEC’s earlier views, thereby expanding the possibility of wider recognition.
Increased Dominance and Investment Predicted
As an analyst, I believe that the SEC’s approval of Bitcoin and Ethereum as investment products will lead to a significant increase in portfolio investments among those who previously viewed these digital currencies as risky asset classes. I anticipate substantial inflows into Bitcoin and Ethereum spot Exchange-Traded Funds (ETFs) by year-end, with prices reaching $150,000 for Bitcoin and $8,000 for Ethereum by the end of the year.
The SEC’s decision to approve leading cryptocurrency ETFs lends credibility to these digital assets and establishes a significant benchmark for future crypto ETF applications. This development makes these investment vehicles more enticing to institutional investors, expanding their presence in the traditional financial market, and deepening the connection between cryptocurrencies and conventional financial systems.
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2024-05-24 19:17