Spot Bitcoin ETFs have received little attention from investors in Canada and Europe, says JPMorgan.
A possible approval of a spot Bitcoin exchange-traded fund won't be a game changer for crypto markets, although it might benefit the leading cryptocurrency, according to a report by JPMorgan managing director Nikolaos Panigirtzoglou.
Based in London, Panigirtzoglou is part of JPMorgan's global market strategy team. He believes that a Bitcoin ETF in the United States would have a similar impact on markets to those seen in Canada in Europe, where spot Bitcoin ETFs have been around for some time.by Bloomberg, Bitcoin ETFs have overall “attracted little investor interest” in other jurisdictions in the past two years, further “failing to benefit from investor outflows from gold ETFs.
The strategist also sees benefits of a Bitcoin fund receiving green lights in America. According to Panigirtzoglou, an approval could bring more liquidity to Bitcoin markets, but could also lead to a migration of trading activity from BTC futures products. Panigirtzoglou's view goes in a different direction from the high expectations that surround an approval of a Bitcoin ETF in the United States. During an interview on July 6, BlackRock's CEO, Larry Fink,that investors could turn to Bitcoin as a hedge against inflation and the devaluation of fiat currencies.
"Let’s be clear: Bitcoin is an international asset," said Fink, adding that “It’s not based on any one currency, and so it can represent an asset that people can play as an alternative.” As reported by the Labor Department, the annual inflation rate for the United States was 4.0% for the 12 months ended May.
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