Bloomberg Analysts Predict Higher Likelihood of SEC Approving Bitcoin Spot ETF
Bloomberg analysts, Eric Balchunas and James Seyffart, have increased their odds for the United States Securities and Exchange Commission (SEC) approving a Bitcoin spot ETF. They now see a 75% likelihood for approval in 2023, up from 65%. They also predict a 95% chance for approval of a derivative product in 2024. The analysts believe the SEC has little wiggle room after their unanimous and decisive ruling on a recent ETF. Despite potential delays, timelines will not matter much as the regulator is likely to yield. This decision presents a challenge for the SEC as it faces impending deadlines and unfavorable public perception.
Key Points:
– Bloomberg analysts increase odds of SEC approving Bitcoin spot ETF to 75% in 2023.
– They also predict a 95% chance for approval of a derivative product in 2024.
– SEC’s recent ruling leaves little wiggle room for future rejections and challenges the agency to substantiate its decisions.
– The SEC is grappling with impending deadlines, unfavorable public perception, and the approach presented by Hashdex.
– Balchunas believes timelines will not matter much as the regulator is likely to yield.
Hot Take:
The increasing odds of the SEC approving a Bitcoin spot ETF reflect the growing recognition and acceptance of cryptocurrencies in mainstream finance. This decision could have significant implications for the crypto industry, providing institutional investors with more accessible and regulated avenues for exposure to Bitcoin. However, it remains to be seen how the SEC will navigate the challenges it faces in justifying its decisions and addressing public perception. Nonetheless, the potential approval of a Bitcoin spot ETF marks a milestone in the evolution of crypto in the traditional financial landscape.
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