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July 23, 2024
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Bitcoin ETF After Surpassing Silver


Ripple CEO Brad Garlinghouse reiterates how bullish he is on Bitcoin exchange-traded funds (ETF), amid the product now surpassing silver as the second largest commodity ETF.

“It’s a very big deal, in large part it is further validation from institutions, and this case, a government entity,” he states.

Ripple CEO Expresses Optimism Regarding Bitcoin ETFs

In an interview with Fox Business, Garlinghouse emphasizes his optimism for Bitcoin ETFs, amid news that the product has now overtaken Silver, as the second-largest commodity ETF, merely a week after launching.

This comes after the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETF applications on January 10. The ETF allows investors to gain exposure to Bitcoin without the complexities of direct ownership, such as managing cryptographic keys.

According to a recent report, Grayscale converting almost $30 billion from its Bitcoin Trust into an ETF, meant there was already a staggering amount of assets in the Bitcoin ETF. Silver ETFs have approximately $11 billion of combined assets.

Meanwhile, Gold still holds the top position, with approximately $95 billion.

On the other hand, Garlinghouse argues that a majority of the crypto industry is committed to adhering to regulatory guidelines.

At the time of publication, Bitcoin’s price is $40,867.

Bitcoin Price Chart 1 Month. Source: BeInCrypto
Bitcoin Price Chart 1 Month. Source: BeInCrypto

Garlinghouse playfully suggests that if the United States government could humorously input regulatory insights into ChatGPT.

Additionally, he points out the recent legal dispute between the SEC and Coinbase. He alleges SEC Chair Gary Gensler was pursuing a personal agenda rather than aligning with public interests.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

Garlinghouse asserts that these technologies are becoming integral. He notes that countries like Japan, the UK, and Switzerland, have substantial economies. Furthermore, these countries are actively engaged in establishing regulatory frameworks to ensure clear guidelines.

Ripple CEO Criticizes US Regulators Vigorously

However, Garlinghouse has been a strong critic of US government regulators throughout the Bitcoin ETF process and beyond.

Meanwhile, in October 2023, BeInCrypto reported that Garlinghouse strongly criticized former SEC Chair Jay Clayton, over his recent comments over the SEC’s approach to crypto legislation. Clayton said:

“When you have the power of the state, you’re supposed to only bring cases and only make rules that you think are going to pass judicial muster.”

Read more: What Is A Bitcoin ETF?

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