- Analyst predicts Bitcoin ETF approval could attract $570 billion from registered investment advisors.
- 88% of advisors were reportedly waiting for a spot ETF to offer Bitcoin exposure to clients, according to Melker.
- Investment adviser Rick Ferri counters Melker’s projections, calling them “overblown.”
Bitcoin and cryptocurrency advocate Scott Melker recently suggested that if only 0.5% of the total assets managed by registered investment advisors (RIAs) were invested in a Bitcoin ETF, it would equate to $570 billion.
Melker highlighted that RIAs collectively oversee $114 trillion in assets, underscoring that Bitcoin’s total market capitalization currently stands at $860 billion.
Moreover, the crypto analyst claimed that 88% of RIAs said they were waiting for a spot ETF to offer any exposure to clients to Bitcoin. However, investment adviser Rick Ferri contested Melker’s expectations, deeming them “overblown.”
Ferri, drawing on his 35 years of advisory experience, questioned the belief that advisers would rush to embrace a Bitcoin ETF once offered by Wall Street. He argued, “If an adviser really wanted BTC, they would already own it through GBTC.”
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