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The chief executive of crypto exchange Bitstamp\u2019s US branch says that the crypto industry will likely witness a surge in institutional adoption next year.<\/p>\n
In a new interview<\/a> with CNBC Television, Bitstamp USA CEO Bobby Zagotta says that institutional investors will likely play a key role in the growth of the digital assets industry in 2024 as one catalyst will prompt them to pour capital into the nascent sector.<\/p>\n According to Zagotta the optimism centered around the potential approval of spot market Bitcoin (BTC<\/a>) exchange-traded funds (ETFs) will pique the interest of new investors.<\/p>\n \u201cThere\u2019s a few triggers that I think are underway here, and probably the most important one is [the] ETF optimism. It\u2019s an access point for a whole new segment of investors and participants. <\/em><\/p>\n It\u2019s an avenue that works really, really well and is well proven amongst lots and lots of people who participate in traditional financial services markets, so from a crypto perspective, it\u2019s just all positive.\u201d <\/em><\/p>\n The executive goes on to say 2024 will likely be an exciting year for crypto as more blue-chip investors enter the digital asset market. According to Zagotta, institutions are already preparing for increased crypto adoption.<\/p>\n \u201cWe are seeing at Bitstamp a marked increase in 2023, even in spite of all of the challenges and the headwinds that the marketplace has faced \u2013 either FTX, regulatory uncertainty, [or] banking challenges.<\/em><\/p>\n In spite of all of these things, institutions \u2013 even if they\u2019re not trading a lot or investing a lot \u2013 they have been onboarding and getting ready I think for increased adoption and hopefully some improved regulatory clarity, particularly in this part of the world.\u201d <\/em><\/p>\n Bids to create spot market BTC ETFs from multiple traditional finance firms such as BlackRock, VanEck, and ARK Invest are slated<\/a> to be potentially approved by the U.S. Securities and Exchange Commission (SEC) sometime in January 2024.<\/p>\n