Nikolaos Panigirtzoglou, the CEO of JPMorgan, believes that the potential approval of a physically settled Bitcoin ETF would not be a game-changer for the cryptocurrency market, although it could bring benefits to the leading digital asset.
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 as in Canada and Europe, where physically settled Bitcoin ETFs have been available for some time.
Bitcoin ETFs have generally “attracted little investor interest” in other jurisdictions over the past two years and have also “failed to benefit from the outflows from gold ETFs.”
According to Panigirtzoglou, an approval could potentially bring more liquidity to the Bitcoin market, but it could also lead to a shift in trading activity away from BTC futures products.
During an interview on July 6, Larry Fink, CEO of BlackRock, hinted that investors may turn to Bitcoin as a hedge against inflation and the devaluation of fiat currencies.