The Future of Spot Bitcoin ETFs in the US: A 75% Likelihood
According to senior Bloomberg analysts, the odds for the approval of a Spot Bitcoin ETF in the US have skyrocketed to an impressive 75%. This follows Grayscale’s recent victory against the SEC, which has created a positive momentum for the Bitcoin ETF approval.
Key Points:
- The probability of Spot Bitcoin ETF approval in 2021 has been revised to 75%, with a projected 95% likelihood by the end of 2024.
- Grayscale’s legal win over the SEC has played a significant role in increasing the chances of ETF approval.
- The SEC is facing challenges in justifying further rejections due to strategic deals, public relations pressure, and innovative strategies from companies like Hashdex.
- Eric Balchunas suggests that the SEC may eventually give in and approve the Bitcoin ETF without adhering to a specific timeline.
- The SEC is set to decide on seven Spot Bitcoin ETF applications, with Bitwise’s application expected to receive a decision on September 1.
Hot Take:
The recent ruling in favor of Grayscale has significantly increased the chances of a Spot Bitcoin ETF approval in the US. With the probability now at 75% and growing, it seems that the tide is turning in favor of crypto enthusiasts. If approved, a Bitcoin Spot ETF could potentially bring in a massive $30 trillion in capital to the Bitcoin market.
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