Bobby Zagotta, head of Bitstamp USA, says crypto will likely see increased institutional adoption and inclusion in 2024
The managing director of the US division of crypto exchange Bitstamp says the crypto industry is likely to see a surge in institutional adoption next year.
In a new interview with CNBC Television, Bitstamp USA CEO Bobby Zagotta says institutional investors will likely play a key role in the growth of the digital assets industry in 2024 as a catalyst will prompt them to pour capital into the emerging sector .
According to Zagotta, the optimism surrounding the possible approval of Bitcoin (BTC) exchange-traded funds (ETFs) on the spot market will pique the interest of new investors.
“There are a few triggers that I think are going on here, and probably the most important one is [the] ETF optimism. It is an access point for a whole new segment of investors and participants.
It's a way that works really, really well and has proven successful for many, many people who participate in traditional financial services markets. So from a crypto perspective, it’s just all positive.”
The executive goes on to say that 2024 is likely to 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 cryptocurrency adoption.
“We see a significant increase in Bitstamp in 2023, despite all the challenges and headwinds the market has faced – either FTX, regulatory uncertainty, [or] Challenges in banking.
Despite all of these things, institutions – even if they don't trade a lot or invest a lot – have integrated and are, I think, preparing for greater adoption and hopefully improved regulatory clarity, particularly in this part of the world.”
Offers to create spot market BTC ETFs from several traditional financial firms such as BlackRock, VanEck and ARK Invest are expected to be approved by the US Securities and Exchange Commission (SEC) possibly sometime in January 2024.
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