Increased Chance of U.S. Bitcoin ETF Launch in 2022

Bloomberg Intelligence Raises Chances of U.S. Spot Bitcoin ETF Launch

Bloomberg Intelligence analysts have increased their estimates for the approval and launch of a spot bitcoin exchange-traded fund (ETF) in the U.S. this year. They now see a 65% chance of a Bitcoin ETF launching in 2021, up from their previous estimate of 50%. Several major institutions, including BlackRock and Fidelity, have filed applications for a Bitcoin ETF, and experts believe that some of these applications have a good chance of being approved. SEC Chairman Gary Gensler’s recent comments suggesting that he may be more open to crypto-related matters, as well as the SEC’s seeming approval of Coinbase’s bitcoin trading platform, further support the more optimistic outlook. Additionally, the SEC’s case against Grayscale could potentially be a catalyst for approving outstanding Bitcoin ETF applications if Grayscale wins in court.

Key Points:

Bloomberg Intelligence analysts now believe there is a 65% chance of a U.S. spot Bitcoin ETF launching this year.
Major institutions, including BlackRock and Fidelity, have filed applications for a Bitcoin ETF.
SEC Chairman Gary Gensler’s recent comments suggest he may be more open to crypto-related matters.
The SEC’s seeming approval of Coinbase’s bitcoin trading platform indicates a potential willingness to approve Bitcoin ETFs.
The SEC’s case against Grayscale could be a catalyst for approving outstanding Bitcoin ETF applications if Grayscale wins in court.

Hot Take:

There is growing optimism that a spot bitcoin ETF will be approved and launched in the U.S. this year. The increase in the estimated probability, as well as recent developments and comments from SEC Chairman Gary Gensler, indicate a shifting stance towards crypto-related matters. If major institutions like BlackRock and Fidelity’s applications are approved, it could open the floodgates for more widespread bitcoin investment. However, it’s important to consider Gensler’s past concerns about crypto markets, which could still influence the SEC’s decision-making process. Overall, the potential launch of a U.S. spot bitcoin ETF would be a significant milestone for the crypto industry and a major opportunity for crypto investors.