Spot Bitcoin ETF Approval Is Almost Done Deal, Bloomberg Analysts Argue

Bloomberg analysts assert that the approval for a spot Bitcoin exchange-traded fund (ETF) is nearly certain. They see a whopping 90% chance of such a product being approved by Jan. 10, 2024.

Main signs

Recent updates from ARK and 21Shares concerning their spot BTC ETF application have caught the attention of industry insiders. Bloomberg analysts point to these updates as evidence of a "constructive conversation" with the U.S. Securities and Exchange Commission (SEC). Such dialogue is generally seen as a positive indication of impending ETF approval.

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The SEC's decision against appealing a court ruling in favor of Grayscale further bolsters the analysts' case.

Over the past few months, several enterprises, including market giants like BlackRock and Invesco, are also in the race to launch similar products.

Bigger picture

The approval of a spot Bitcoin ETF stands as a potential watershed moment for the cryptocurrency industry. Firstly, it signifies a significant degree of regulatory acceptance and recognition.

Such an ETF would provide a more straightforward mechanism for investing in Bitcoin without the complexities and potential security concerns of direct cryptocurrency ownership or managing digital wallets. Furthermore, this legitimization could catalyze greater mainstream adoption.