Jeff Kendrick, head of crypto research at Standard Chartered, expresses optimism about pensioner fund interest following the SEC’s recent approval of spot Bitcoin exchange-traded funds (ETF).
Kendrick expresses optimism for Ethereum, suggesting that it will likely follow a similar pathway to Bitcoin in the approval process for its own ETF.
Standard Chartered Bullish on Bitcoin and Ethereum 401k Plans
During an interview with Yahoo Finance Future Focus, Jeff Kendrick of Standard Chartered explained that Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, are performing strongly. Furthermore, he hints that investor confidence has risen despite recent inflation dips.
“Actually, Bitcoin and Ethereum and risk assets more broadly have held in very, very well. And I think that’s because we’re now in a situation where we know the cuts are coming because inflation is coming down, most importantly.”
Meanwhile, during a recent press conference, Fed chair Jerome Powell identified persistently high service prices as a concern.
According to PBS News Hour, he indicated that policymakers at the central bank would prefer to witness a further easing of services inflation before considering a reduction in their key interest rate.
Read more: What Is A Bitcoin ETF?
However, Kendrick pointed to the potential for an influx of pensioner funds flocking to spot Bitcoin ETFs. This could give the top cryptocurrency a major boost. Statista data from Q2 2021 found that the value of assets in 401k retirement plans in the US had reached 7.26 trillion.
Kendrick also showed optimism that the spot Ethereum ETF will be approved in May.
“And what we’re now going to see in the US is the 401(k) market, i.e. pensions, et cetera enter Bitcoin and other assets in this space when we get the Ethereum one in May as well for the first time.”
Additionally, it is not the first time Kendrick has shed his positive outlook on Ethereum.
Optimistic About Ethereum ETF Approval in May
This is not the first time he has hinted at the possible approval from the United States SEC. On January 31, BeInCrypto reported Kendrick’s belief that the price of Ethereum would hit $4,000 before the approval date.
Read more: Bitcoin Price Prediction 2024/2025/2030
BeInCrypto recently reported that crypto experts believe the Bitcoin ETF will give retirees easier access to crypto.
In December 2023, Before the spot Bitcoin ETF was approved on January 11, Steven Larsen, the founder of Columbia Advisory Partners, told CNBC:
“Assuming the SEC gives an affirmative nod to spot bitcoin ETFs, as expected, more companies might decide to offer it within their 401(k) lineup.”
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