Binance France Exec: Bitcoin Spot ETF Enables Institutional BTC Accessibility

IconCryptoNewsTerminal Staff30 May, 2024

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Binance France Exec: Bitcoin Spot ETF Enables Institutional BTC Accessibility

The Bitcoin (BTC) spot exchange-traded fund (ETF) in the United States has provided institutions with an easy way to gain exposure to the cryptocurrency, according to Binance France executive David Princay. Before the launch of the spot ETF, institutions were hesitant to recommend Bitcoin to their retail clients due to a lack of understanding and trust. However, the spot ETF's introduction has allowed institutions to market it as a traditional financial product. Princay noted a shift in sentiment among major European financial institutions, with BNP Paribas, the second-largest bank in Europe, investing in BlackRock's Bitcoin spot ETF in the first quarter. He described this move as symbolic. The Bitcoin spot ETF has played a crucial role in improving institutional access to Bitcoin, paving the way for wider adoption and acceptance of the cryptocurrency.

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