Bitstamp USA Chief Bobby Zagotta Says Crypto Likely To See Increased Institutional Adoption and Onboarding in 2024
The chief executive of crypto exchange Bitstamp’s US branch says that the crypto industry will likely witness a surge in institutional adoption next year.
In a new interview 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.
According to Zagotta the optimism centered around the potential approval of spot market Bitcoin (BTC) exchange-traded funds (ETFs) will pique the interest of new investors.
“There’s a few triggers that I think are underway here, and probably the most important one is [the] ETF optimism. It’s an access point for a whole new segment of investors and participants.
It’s 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’s just all positive.”
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.
“We 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 – either FTX, regulatory uncertainty, [or] banking challenges.
In spite of all of these things, institutions – even if they’re not trading a lot or investing a lot – 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.”
Bids to create spot market BTC ETFs from multiple traditional finance firms such as BlackRock, VanEck, and ARK Invest are slated to be potentially approved by the U.S. Securities and Exchange Commission (SEC) sometime in January 2024.
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