The Likelihood of a Bitcoin ETF Approval by the End of 2023
The recent victory secured by Grayscale over the US Securities and Exchange Commission has increased the likelihood that a spot Bitcoin exchange-traded fund (ETF) will be approved pretty soon. Bloomberg analysts believe we could see such approval by the end of 2023.
Main Breakdowns:
- Bloomberg senior ETF analyst, Eric Balchunas, claims that the chances of the SEC approving a Bitcoin ETF have increased from 65% to 75%.
- Analyst Jeff Seyffart believes it is almost certain that a Bitcoin ETF will be launched by the end of 2024.
- The recent ruling by a federal appeals court deemed the SEC’s justifications for opposing a digital asset firm’s application as “unlawful,” shifting public opinion.
- Former SEC chair Jay Clayton expressed positive hopes for the approval of a spot Bitcoin ETF, stating that “an approval is inevitable.”
- The SEC has extended the review period for several spot Bitcoin ETF applications, giving the commission an additional 45 days to make a decision.
Hot Take:
The increased chances of a Bitcoin ETF approval by the end of 2023 are exciting news for crypto enthusiasts. This development could open up new opportunities for investors seeking exposure to cryptocurrencies through regulated and accessible financial instruments. It remains to be seen how the SEC will ultimately decide, but the growing support and positive sentiments from analysts and former regulators may signal a shift towards embracing digital assets.
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