The president of a multibillion-dollar investment firm says that the digital assets market still has a long way to run.
In a new interview with Bloomberg, 21Shares co-founder and president Ophelia Snyder says that the crypto markets are still in their infancy despite having an overall market cap of $2.6 trillion.
“[Our] short-term outlook is that we’re still really early, which is something I think people are forgetting right now [because] they’re seeing the massive assets coming into US products, some of the most successful ETF (exchange-traded fund) launches of all time…
It’s still really early. Most institutions [are] still not in the space. Most intermediaries [are] still not investing into the space. This is still a lot of early adopter money still, which means the market has quite a way to run. And we’re still in the early innings from our perspective.”
21Shares, along with other financial giants, had their bids to create spot market Bitcoin (BTC) ETFs approved by the U.S. Securities and Exchange Commission (SEC) in January, bringing in billions of dollars worth of inflows to the crypto king.
Now, the firm is awaiting the regulatory body’s decision on ETFs based on Ethereum (ETH), the second-largest digital asset by market cap, after it modified its application. According to Snyder, ETH ETFs will likely be approved, but will be less successful compared to BTC’s ETF.
“Do I think ETH is going to be less successful than [BTC]? Yes. But I would also say that every equity ETF that’s going to launch in the next 18-24 months will also be less successful…
Ether is a bit more complicated. I think one of the other things that’s different about Ethereum is that there’s been a lot less investor education. People have been talking about Bitcoin for a long time, and they’ve been doing education with investors for a long time.
Ether is both more complicated to explain, more complicated to understand and also just less effort has gone into doing that in the last 5-10 years.”
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