Perfumo also expressed confidence in the potential for bipartisan support for crypto legislation among US legislators.
While discussing political developments in the United States, Kraken Head of Strategy Thomas Perfumo stated that spot Ethereum (ETH) ETFs could be beneficial to the crypto sector.
Perfumo informed Bloomberg on July 12 that spot Ethereum ETFs would attract capital flows and draw attention to crypto, noting:
“The narrative behind the increasing tide is that it elevates all boats.” Perfumo also elaborated that the Ethereum ETF is the determining factor in the eventual value of Ethereum.
On a monthly basis, the crypto market is “pricing in” $750 million to $1 billion of net inflows to Ethereum products, according to him. This would suggest that Ethereum could reach all-time highs between $4,000 and $5,000.
Perfumo also contrasted expectations to the all-time high of Bitcoin in March, which he referred to as a “silent peak” that occurred without any indication of millions of new investors entering the industry.
Perfumo also provided commentary on political developments. He stated in the beginning of the interview that the results of the US election will “lead the way for the legislative agenda and policy-making for the next four years.”
He also emphasized the significance of legislative action and clarity, and he observed that recent developments indicate bipartisan support in Congress.
Along with the Senate, the House recently voted to enact the Financial Innovation and Technology for the 21st Century Act (FIT21) and attempted to repeal the SEC’s controversial accounting rules. In spite of this, President Joe Biden elected to veto the resolution.
Perfumo stated: “Despite the fact that you have encountered obstacles at the executive level, there is still an opportunity for progress.”
He also mentioned that the Republican party appears to be “more pro-crypto [and] more progressive” on the matter, referencing Donald Trump’s intention to attend the Bitcoin Conference in Nashville.
During recent campaign events in Wisconsin and San Francisco, Trump has also expressed his support for pro-crypto policy in a number of statements.
Also Read: Nigeria’s blockchain future relies on native talent
Wallets