The host of the Coin Bureau channel Guy Turner believes one factor could spark massive rallies for both Bitcoin (BTC) and Ethereum (ETH).
Turner tells the 2.51 million subscribers of the Coin Bureau YouTube channel that increased institutional adoption of spot BTC and ETH exchanged traded funds (ETFs) could send the top two digital assets by market cap to new all-time highs (ATHs).
“As more investors begin to accept and adopt the existing ETFs, BTC and ETH could be pushed to new all-time highs. It’s great to see that institutional investors seem to be happy with hodling through volatility because the capital from these investors could very well be the backbone for future success.”
Turner also says that approval of ETFs for additional digital assets could send the crypto market soaring. But he warns that the results of November’s US presidential election may determine the future regulations of digital assets.
“Any additional ETFs for other altcoins would be bullish for the entire crypto industry, particularly for the cryptos in question. However, it remains unclear when this could happen, and that’s assuming we don’t see changes in the way these ETFs are regulated. Any changes that do come about could not only make the process more difficult but could even shake up the existing ETFs, particularly if they affect the availability of these products to investors.
Of course, this regulation also depends on the result of the upcoming November US presidential elections. If a pro-crypto candidate gets elected, this would open the door to more robust regulations that would allow the industry to thrive. Conversely, if the person elected turns out to be more anti-crypto, things are unlikely to get any easier and could even get worse.”
Bitcoin is trading for $56,116 at time of writing, down 3.4% in the last 24 hours. Meanwhile, Ethereum is trading for $2,375 at time of writing, down 3% on the day.