Bloomberg Analysts: Bitcoin ETF Launch Highly Likely This Year with 75% Chance
Bloomberg analysts James Seyffart and Eric Balchunas predict that a Bitcoin (BTC) exchange-traded fund (ETF) will likely launch by the end of the year, with a near-guarantee by the end of 2024. They estimate a 75% chance of a spot market BTC ETF launching in 2023 and a 95% chance by the end of the following year.
Key Points:
- Grayscale’s lawsuit win against the U.S. Securities and Exchange Commission (SEC) has increased the likelihood of a BTC ETF. The federal court ruled that the SEC must reconsider its rejection of Grayscale’s application.
- James Seyffart and Eric Balchunas have raised their odds to 75% for a spot Bitcoin ETF launch this year and 95% by the end of 2024.
- Seyffart believes that a spot market ETF based on the top crypto asset is a “done deal” for 2024.
- Grayscale initially sued the SEC in June 2022, claiming discrimination in their rejection of the BTC ETF bid.
Hot Take: Bloomberg analysts are optimistic about the launch of a Bitcoin ETF, with a high chance of it happening this year. The recent court ruling in favor of Grayscale has boosted the odds. If the predictions come true, it would be a significant development for the crypto market and could potentially drive further adoption and mainstream acceptance of Bitcoin.
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