The next pivotal moment in the cryptocurrency’s history will be the approval of a Spot Bitcoin ETF. But why is this such a big deal? Basically, an ETF is a type of investment that comes with special tax breaks and you can also borrow money against it. This is really attractive for big investors like pension funds, and if they jump in, the Bitcoin market could get a huge money boost. However, the SEC has postponed the decision on 6 spot BTC ETF applications, including one from BlackRock to 17 Oct!
But why is the SEC delaying Decisions?
Normally, the Securities and Exchange Commission (SEC) takes about 45 days to say “yes” or “no” to an ETF proposal. But they’re taking more time to decide about the Bitcoin ETF. This is mysterious as it comes right after a court told the SEC it was wrong to reject another Bitcoin ETF by Grayscale Investments. The court basically told the SEC to go back and rethink that decision. So, could the SEC be dragging its feet because it’s not sure what to do next?
Meanwhile, the world’s largest asset manager, BlackRock, is making strategic moves that suggest they’re in it for the long haul. Their goal? To bring about a Spot Bitcoin ETF that could ignite a new Bull Market as early as 2024. And get this, if BlackRock gets the green light, Bitcoin’s price could soar past the $200k mark by 2025! Here’s why:
This makes it even more likely that other Bitcoin ETFs will get the green light. It’s not a matter of ‘if,’ but ‘when.’
The SEC is set to make its next ruling on BlackRock’s Spot Bitcoin ETF on October 17. Considering that Grayscale’s Chief Legal Officer and even Jay Clayton, the former SEC Chair, have hinted that approval is “inevitable,” this date could very well be the start of Bitcoin’s next meteoric rise.
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