Bitcoin ETF Approval is Close to Done: Bloomberg Expert
SEC nears possible Bitcoin ETF approval, with analysts Seyffart and Balchunas predicting a major shift in U.S. cryptocurrency investment.
Bloomberg's James Seyffart predicts the U.S. Securities and Exchange Commission (SEC) is close to approving a Bitcoin ETF. He estimates a 90% chance of approval soon, based on recent interactions between the SEC and asset managers.
Eric Balchunas also made a statement recently talking about how the SEC is presently giving a final statement on the ETF applications, he concluded by saying “So I mean this is as close to "done" as we've been but no official approval as far as I know.”
After losing a court case to Grayscale, the SEC's options are limited. Seyffart believes it's unlikely they will deny or delay approval, making acceptance of Bitcoin ETFs the most probable outcome.
Approval could bring $10 billion into Bitcoin ETFs in the first year but may not exceed $100 billion soon. The growth potential is significant, though immediate market expansion might be limited.
Institutional investors, known for their thorough evaluation, might slowly adopt Bitcoin ETFs. This careful approach indicates that even with approval, widespread adoption may take time.
The SEC's decision, expected by January 10, could be a turning point for cryptocurrency investment in the U.S. The market eagerly awaits, as approval could significantly boost Bitcoin's mainstream acceptance.
