Fred Thiel’s Optimism About Bitcoin ETF Approval
Fred Thiel, the Chairman and CEO at Marathon Digital Holdings, expressed his optimism in a recent interview with Decrypt regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Thiel’s Key Points:
- Thiel believes that the chances of the SEC approving a spot Bitcoin ETF are better than fifty-fifty.
- Major players like BlackRock pursuing the approval of a Bitcoin ETF indicate a high degree of certainty.
- There are approximately half a dozen applications for a spot Bitcoin ETF, including BlackRock, Wisdom Tree, VanEck, and Fidelity.
- If one Bitcoin ETF gets approved, several others are likely to follow.
- Thiel suggests that the SEC seems poised to approve an Ethereum futures ETF, which could increase the likelihood of a spot Bitcoin ETF approval.
- The SEC is under pressure to achieve positive outcomes, citing the Prometheum exchange case and the partial win by Ripple in a lawsuit.
- According to Thiel, the SEC needs to settle the Coinbase case to avoid losing, and it might go against the SEC.
- American investors are frustrated with the delay on the ARK 21Shares Bitcoin ETF application.
Hot Take:
There is growing optimism from industry experts like Fred Thiel that the SEC will approve a spot Bitcoin ETF. The involvement of major players and the potential approval of an Ethereum futures ETF indicate a positive outlook. However, the SEC is under pressure to achieve positive outcomes and needs to settle ongoing cases. Investors eagerly await the SEC’s decisions, hoping for positive news in the near future.
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