ETF Bitcoin Spot: Ethereum and XRP could follow!

The SEC’s imminent approval of the first spot Bitcoin ETF in the United States could herald a new era for cryptocurrencies. According to Steve McClurg, Chief Investment Officer at Valkyrie Funds, ETFs on Ethereum and Ripple could quickly follow.

After the Bitcoin ETF, is it Ripple and Ethereum’s turn?

Confident about the future, Steve McClurg, Chief Investment Officer at Valkyrie Funds, stated in a recent Bloomberg interview that he “would not be surprised to see spot Ripple or Ethereum ETFs come to market” following the approval of the first Bitcoin Spot ETF.

This optimism is based on the impending decision by the Securities and Exchange Commission (SEC) to authorize the first exchange-traded funds (ETFs) that directly replicate the price of Bitcoin, expected this week. Valkyrie’s ETF is among the concerned products.

Many observers see this as a major positive signal for the entire crypto sector. This regulatory advancement could pave the way for mainstream investors to adopt financial vehicles directly backed by cryptocurrencies.

With this precedent, Mr. McClurg anticipates that ETFs on other significant digital assets, like Ether or XRP, will quickly in turn receive the regulatory green light, capitalizing on the growing interest of investors in the asset class.

A Growing Interest from Investors

Mr. McClurg emphasizes that investors’ interest in diversifying their crypto holdings remains increasingly strong. He specifically mentions the recent decision by Grayscale to add Ripple to one of its publicly traded trusts.

Such publicly-focused financial vehicles facilitate access to cryptocurrencies for novice investors, he believes, paving the way for mass adoption.

Though confident, Mr. McClurg admits that the regulatory approval process remains unpredictable. Nothing is yet entirely certain regarding the launch of the Bitcoin ETF.

“Anything could still happen“, he said, acknowledging that the regulatory environment remains complex. Administrative or political hurdles could still postpone the deadline or complicate the efforts of other players wishing to propose new crypto index funds.

However, the potential validation this week of a first Spot Bitcoin ETF nonetheless seems to signify a turning point. If confirmed, this regulatory step forward could unlock the arrival of a new generation of crypto investment products, finally making these assets accessible to the general public.