ETFs
Kraken Executive Expects Ethereum ETF Launch to “Lift All Boats”
Kraken Chief Strategy Officer Thomas Perfumemo said: Ethereum ETFs (ETH) could help the crypto sector while commenting on political developments in the United States.
On July 12, Perfumo told Bloomberg that spot Ethereum ETFs would attract capital flows while drawing attention to crypto, noting:
“It’s a rising tide, which lifts the whole history of the boat.”
Perfumo further explained that the final value of Ethereum “depends on the Ethereum ETF.”
He said the cryptocurrency market is “pricing in” between $750 million and $1 billion in net inflows into Ethereum products on a monthly basis, which would imply that Ethereum could reach all-time highs between $4,000 and $5,000.
Perfumo also compared expectations to Bitcoin’s all-time high in March, which he called a “silent spike” that occurred without any evidence of millions of new investors entering the industry.
Political evolution
Perfumo also commented on political developments. At the beginning of the interview, he said that the results of the US elections “will set the tone for policymaking and the legislative agenda for the next four years.”
He also stressed the importance of legislative action and clarity and noted that recent developments show bipartisan support in Congress.
The House recently voted to pass the Financial Innovation and Technology for the 21st Century Act (FIT21) and attempted to repeal controversial SEC accounting rules with the Senate. However, the president Joe Biden Chosen to veto The resolution.
Perfume said:
“Even if you encounter obstacles at the executive level, [there’s] “There is still good progress to come.”
He added that the Republican Party appears “more pro-crypto.” [and] “more progressive” on the issue, noting Donald Trump plans to attend the Bitcoin Conference in Nashville.
Trump has also made numerous statements in support of pro-crypto policy, including at recent campaign events in Wisconsin And San Francisco.