Optimistic Outlook on Ethereum ETFs
Thomas Perfumo, Kraken’s Head of Strategy, expressed optimism about the potential impact of spot Ethereum (ETH) ETFs on the crypto sector amidst recent US political developments.
Positive Outlook on Ethereum ETFs
In an interview with Bloomberg on July 12, Perfumo highlighted the potential of spot Ethereum ETFs to bolster capital flows and attract attention to cryptocurrencies. He compared this scenario to a rising tide that lifts all boats.
Perfumo emphasized the pivotal role of an Ethereum ETF in shaping Ethereum’s future valuation, projecting potential all-time highs of $4,000 to $5,000. He based these projections on anticipated monthly net inflows of $750 million to $1 billion into Ethereum products.
Comparisons with Bitcoin’s Growth
Perfumo drew parallels to Bitcoin’s historical growth, noting Ethereum’s potential for a similar surge without a substantial influx of new investors.
Political Landscape
Perfumo discussed the broader political landscape, emphasizing the impact of US election outcomes on policy and legislative agendas for the next four years. He stressed the need for legislative clarity and highlighted bipartisan support for initiatives like the Financial Innovation and Technology for the 21st Century Act (FIT21).
Despite recent setbacks, including President Joe Biden’s veto of attempts to repeal SEC accounting rules, Perfumo remained optimistic about future progress. He pointed to the Republican party’s increasing support for crypto, illustrated by Donald Trump’s participation in the Bitcoin Conference in Nashville and his endorsements of pro-crypto policies during recent campaign events in Wisconsin and San Francisco.
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