Bitcoin Spot ETF may release $30 trillion

The wait for approval of a Bitcoin Spot ETF continues. According to Michael Sonnenshein, CEO of Grayscale, approval could unlock incredible amounts of money.

The race for approval of a Bitcoin Spot ETF is in full swing in the US. In a interview with U.S. broadcaster CNBC Michael Sonnenshein, CEO of Grayscale, made an extremely bullish prediction if the financial product gets the green light from the Securities and Exchange Commission.

"As we look ahead to the adoption of Bitcoin spot ETFs, this will open up the opportunity for a portion of the investment community to gain exposure to Bitcoin in their portfolio, which was previously excluded," Sonnenshein said.

The license opens the doors to the Bitcoin market for financial advisors and institutional investors. This group could unlock up to $30 trillion. "We hope these investors will have the opportunity to participate," continued the Grayscale CEO.

There are now several well-known aspirants in the U.S. all trying to launch a Bitcoin Spot ETF. In addition to BlackRock and Bitwise Grayscale is also making efforts to convert its Bitcoin Trust into an ETF. The asset manager recently made changes to its application.