Blackrock Holds Meeting with US SEC
Representatives from investment manager Blackrock recently had a meeting with the U.S. Securities and Exchange Commission (SEC) regarding the approval of its iShares Bitcoin Trust. This meeting is one of several that Blackrock has had with the agency in the past week as the January 10, 2024 deadline for potential approval of the first spot Bitcoin ETF in the United States approaches.
Potential Delay in Approval
While Blackrock’s influence in the financial world may make approval more likely, analysts warn that there could still be a delay in decision making before January 10. James Seyffart, a Bloomberg Intelligence analyst, believes that the frequent meetings between Blackrock and the SEC do not impact the timeline for a decision. He suggests that approval may come for all filers at once or in batches to prevent any one company from gaining an advantage.
Conflicting Opinions on Approval
MicroStrategy founder Michael Saylor is confident that the spot ETF will be approved in January, causing a surge in demand for Bitcoin. On the other hand, entrepreneur Mike Alfred predicts a 98.7% chance of approval before January 10. The market will be closely watching for any increased volatility in Bitcoin’s price leading up to the deadline.
Hot Take: Potential Approval of Bitcoin ETF Could Drive Market Surge
The repeated meetings between Blackrock and the U.S. SEC indicate that there is significant interest and momentum behind the potential approval of a spot Bitcoin ETF. If approved, this could have a major impact on both the cryptocurrency market and traditional finance industry. Experts are divided on whether approval will happen before January 10, but there is a growing sense of anticipation. If the ETF is approved, it could be a defining moment for Bitcoin and mark a significant milestone in its journey towards mainstream adoption.
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