Transcript Ep.562: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection

Alex Thorn, head of research at Galaxy, sees inflows to spot bitcoin ETFs reaching more than $14 billion in the first year after a potential SEC approval and the price of bitcoin spiking to $47,000.

Alex Thorn:

I mean, this is going to be... I know it seems crazy, it does, but this is going to be a lot of people's first introduction to Bitcoin. Truly. Tons of financial advisors, they haven't looked at it. Right? Once it's safely and cheaply available and it's right in the same menu that they do all of their other client investing, like we really, I believe they're going to have to consider it.

Laura Shin:

Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago, and as a senior editor at Forbes, was the first mainstream media reporter to cover the cryptocurrency full-time. This is the October 27th, 2023 episode of Unchained.

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Today's guest is Alex Thorn, Head of Firmwide Research at Galaxy. Welcome, Alex.

Alex Thorn:

Yeah. Hey Laura, great to be here. Big fan.

Laura Shin:

There's been a lot of buzz this week about an upcoming Bitcoin ETF, and there's about a dozen issuers who are lining up to do so, including your company Galaxy in conjunction with Invesco. And another one of the positive signs is that the SEC has changed its approach when dealing with issuers. And finally, this was a big one this week and it turned out to be a nothingburger, but people noticed that there was a ticker for a BlackRock Bitcoin ETF on the DTCC website. That got the price of Bitcoin pumping. Turns out it had been there since August. But anyway, this week, Galaxy published a report which gave projections for what inflows the market might expect to see into Bitcoin ETFs. However, before we get into all that, why did you just talk a little bit about why it is that you think this is such a significant moment?

Alex Thorn: