Bitcoin ETF Approval More Likely With Fewer SEC Obstacles
Two experienced analysts from Bloomberg, Eric Balchunas and James Seyffart, express increased confidence in the approval of spot Bitcoin ETFs in the United States this year. They believe that the recent court ruling against the SEC’s rejection of Grayscale’s Bitcoin ETF puts the SEC in a difficult position to oppose future approvals.
Main Breakdowns:
– Recent court ruling increases the chances of spot Bitcoin ETFs being approved this year.
– Analysts Balchunas and Seyffart raise their odds to 75% for Bitcoin ETFs launching in 2021.
– SEC’s ability to justify further denials is questioned due to tighter deadlines and increased media attention.
– If not this year, Bitcoin ETF launch is highly likely by the end of 2024.
– Crypto influencers express excitement and predict positive outcomes from the court ruling.
Speculation Mounts In The Industry
Several influential figures in the crypto industry, such as Miles Deutscher, Ivan on Tech, and Ryan Sean Adams, share their excitement and optimism about the recent court ruling. They believe that the ruling changes the game and could lead to a bull market and a significant increase in Bitcoin’s price.
Hot Take:
The recent court ruling has significantly increased the likelihood of spot Bitcoin ETFs being approved in the United States this year. Analysts and influencers are expressing their confidence and excitement, foreseeing positive outcomes for the crypto industry as a result. The SEC may face challenges in justifying further denials, paving the way for potential market growth and investment opportunities.
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