Marathon Digital CEO Optimistic on Bitcoin ETF Approval
Marathon Digital CEO, Fred Thiel, believes that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin exchange-traded fund (ETF). Thiel points to the fact that prominent players like BlackRock are pursuing the launch of a Bitcoin ETF as evidence of a high degree of certainty. Here are the key points:
- Several applications have been submitted for the launch of a spot Bitcoin ETF.
- BlackRock, Wisdom Tree, VanEck, and Fidelity are among the firms seeking approval.
- Thiel believes that if one Bitcoin ETF is approved, others will likely follow.
- The SEC’s potential approval of an Ethereum futures ETF could increase the likelihood of a Bitcoin ETF approval.
- Thiel personally believes the odds of SEC approval are better than fifty-fifty.
Thiel also suggests that the SEC needs positive outcomes to alleviate pressure from Congress. Recent developments, such as the approval of the Prometheum exchange and Ripple’s partial victory in its lawsuit against the SEC, indicate increased pressure on the regulator. The settlement of the Coinbase case is seen as crucial for the SEC’s credibility. Despite ongoing frustrations and delays, American investors eagerly await positive decisions from the SEC.
Hot Take
Marathon Digital CEO Fred Thiel is confident in the approval of a spot Bitcoin ETF by the SEC. With major players like BlackRock pursuing this avenue, Thiel believes the odds are in favor of approval. The SEC’s need for positive outcomes and the pressure from Congress further supports the potential approval. While investors await decisions, the industry remains hopeful for a breakthrough in the Bitcoin ETF space.
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