It seems to be true, the approval of potential Bitcoin Exchange Traded Funds (ETFs) is officially scheduled in the next time frame, which goes from January 5th to 10th.
Let’s see below all the details and forecasts about it.
Summary
Possible Approvals of Bitcoin Exchange Traded Funds (ETFs)
As anticipated, while waiting for the possible verdict, the Securities and Exchange Commission (SEC) of the United States has defined the approval window for Spot Bitcoin Exchange Traded Funds (ETFs) between January 5th and 10th.
Specifically, James Seyffart from Bloomberg has confirmed these dates and indicated that the agency’s decision could be announced during the final stages of this interval, estimating that it will occur between January 8th and 10th.
Currently, the SEC has over a dozen pending requests for Spot Bitcoin ETFs, for which it must make a decision. Seyffart suggested that approval is likely to occur in the middle of January, with January 8th as a possible start date.
In addition, in recent months, the digital asset industry has fueled speculations about the imminent arrival of a Bitcoin Spot ETF in the United States.
Therefore, an approval in this sense would represent a milestone and could push the value of the digital asset to new highs.
Despite previous delays by the SEC in making a decision on the Bitcoin product, many expectations are focused on a change in the early months of 2024.
In fact, several experts predict a decision on several requests by January, in line with the mentioned approval window.
Anyway, the speculations of the previous months have already had a positive impact on Bitcoin, which has surpassed $38.8 thousand for the first time since 2022.
Standard Chartered has even predicted a 160% increase in the case of ETF approval, bringing the asset to an estimated price of $100,000 by the end of 2024.
Bitcoin hits $40,000: a shift in market interest and perception
As mentioned above, Bitcoin has recently surpassed $40,000, marking a level not seen since April 2022.
In this regard, Jeroen Blokland, an influential financial manager, has noticed that this rally stands out significantly from previous ones, suggesting a possible change in Bitcoin’s role in the global financial landscape.
As already expressed, indeed, the renewed interest in the cryptocurrency market, partly fueled by the anticipation of Bitcoin spot Exchange Traded Funds (ETFs), is a signal of change.
After a period of decline linked to scandals and negative market sentiments, the recent movement of Bitcoin prices indicates a significant trend reversal.
According to Blokland, the current surge is supported by the growing acceptance of Bitcoin as a legitimate asset class among investors.
This change in perception is crucial, especially considering the increasingly deep integration of Bitcoin into traditional financial systems.
The rise of Bitcoin to almost $40,000 is therefore more than just a number: it is a testament to the growing confidence in the cryptocurrency market.
In addition, this rally is particularly significant given the current enthusiasm for the possible approval of Bitcoin spot ETFs by the United States Securities and Exchange Commission (SEC).
The approval of such ETFs could open the doors to investors, allowing them to gain exposure to Bitcoin without the complexities associated with direct ownership.
This could indeed attract a new wave of institutional and retail investors.
Michael Saylor on Bitcoin: it will become the reference ETF asset
Michael Saylor, founder and president of MicroStrategy, a business intelligence and software company heavily focused on Bitcoin, has recently made bold statements about the outlook for the leading digital currency.
During the Latin American Bitcoin & Blockchain Conference (LABITCONF), Saylor anticipated that Bitcoin is destined to become the main asset of an Exchange Traded Fund (ETF).
Saylor, a well-known supporter of Bitcoin and the architect behind the acquisition of over 174,530 Bitcoin units by MicroStrategy, emphasized his vision during the conference.
Specifically, he highlighted the “endless economic war” disguised as an unequal distribution of capital and used the term “economic fuel” to represent capital.
In the context of the allocation of the global wealth of 900 trillion dollars, Saylor has examined the modest current value of Bitcoin ($500 billion) compared to other assets such as gold ($12 trillion), government bonds ($300 trillion), and real estate ($330 trillion).
According to him, this situation will change when the world fully understands the intrinsic value proposition of Bitcoin.
With important asset managers like BlackRock and Fidelity Investments seeking to launch Bitcoin spot Exchange Traded Fund (ETF) products, Saylor predicts a potential push towards BTC in the near future.
Considering the growing popularity and usefulness of Bitcoin, Saylor predicts that Bitcoin is about to become the benchmark asset in categories such as commodities, technology, property, money, and ETF, given its versatility and growth potential.
Despite the presence of thousands of ETF products linked to various cryptographic assets, Saylor remains optimistic about the prospect that Bitcoin ETFs will become dominant in the near future.
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