Speculation around a potential Bitcoin bull run has surged amid the ongoing exchange-traded fund (ETF) frenzy. Observations made by Dave Weisberger, a leading analyst, have added more fuel to the fire.
He recently commented that BlackRock's proposed Bitcoin spot ETF has a strong chance of gaining approval from the U.S. Securities and Exchange Commission (SEC).
The sentiment suggests that a likely approval could serve as a catalyst for another Bitcoin rally.
Weisberger indicated that BlackRock's ETF proposal appears to address all of the SEC’s concerns, except for a potential bias against Bitcoin.
This suggests the asset management giant's Bitcoin ETF proposal robustly tackles the SEC's prior issues about market manipulation and surveillance, which have been traditional hurdles to approval.
The quest for launching a Bitcoin ETF has been a tumultuous journey, punctuated by several high-profile failures. A prime example was the attempt by the Winklevoss twins, Cameron and Tyler, known for their early involvement in Facebook. The duo made a pioneering effort to introduce a Bitcoin ETF as far back as 2013, an initiative that thrust them into the center stage of this ongoing saga.
Vladislav SopovIf the SEC flips the switch and greenlights BlackRock's Bitcoin ETF, we could see a substantial wave of institutional capital surging into the cryptocurrency sector. ETFs generally represent a safer harbor for mainstream investors and institutions, and a Bitcoin ETF is expected to follow this trend. The mounting anticipation of this possibility has already set Bitcoin's price on an upward trajectory.
Still, it's important to remember that the SEC's verdict is yet to be etched in stone. The commission has been known to delay cryptocurrency ETF decisions. However, having BlackRock, a true titan in the industry, in the fray could tip the scales towards a positive outcome.
Arman Shirinyan
Vladislav Sopov
Dan Burgin