Bloomberg analyst James Seyffart says that by next week, the US Securities and Exchange Commission (SEC) might have to grant approval for a Bitcoin ETF.
This choice might lead to a big flow of money into the crypto world. Seyffart guesses that about $10 billion will go into Bitcoin ETFs in just one year.
This possible agreement comes after months of back-and-forth between the SEC and money managers trying to get approval. In June, BlackRock filed for a spot BTC ETF.
This big change led to talks and changes needed to fix worries about rules. Gray’s winning court fight against the SEC over turning its GBTC into a listed ETF put pressure on the regulator.
As choices become fewer and law problems grow, Seyffart thinks getting approval is very probable.
He sees three scenarios: The SEC might find new reasons for refusal (but this is unlikely because of past court decisions), make people have to withdraw their applications (which also isn’t likely) or, the most shocking event, Gary Gensler – who leads the charge against development. But, Seyffart thinks this “nuclear” choice is unlikely.
Final Verdict Looms for Bitcoin ETF: All Eyes on January 10th
A good choice could make lots of money for Bitcoin. Seyffart thinks that $10 billion will go into ETFs during the first year, but it won’t come close to how much gold ETFs in U.S. have ($100 billion). Also, many people might not quickly start using it as they need to check out all the details before putting Bitcoin in their savings.
The last decision is planned for January 10th. Seyffart thinks everyone will agree with all ideas, maybe Grayscale’s change might take a little longer than the others.
It seems like Bitcoin might soon get permission for an ETF. This could lead to big money coming in and changing how cryptocurrency works. While legal approval may take a while, this is a big step for the industry and shows more people are okay with it.
Also Read: SEC Ramps Up Crypto Regulation Using Terraform Labs Precedent
