The cryptosphere is buzzing with anticipation as a plethora of spot Bitcoin ETF applications vie for approval, with the spotlight shining brightly on BlackRock’s bid. In addition to BlackRock, major players including ARK Invest, Bitwise, Invesco, Wis
domTree, Valkyrie, VanEck, and Fidelity have thrown their hats in the ring. Experts are confident that a green light for one will inevitably open the floodgates for all, dramatically driving up Bitcoin’s demand and, consequently, its price.
Aaron Arnold, a renowned crypto expert and the voice behind Altcoin Daily, sheds light on the pivotal Grayscale win against the SEC back in August. The DC Court of Appeals ruled that the SEC’s rejection of Grayscale’s application to transform its Bitcoin Trust into an ETF was unfounded, setting a precedent that could pave the way for the impending flood of approvals.
Arnold, though describing SEC Chair Gary Gensler as arbitrary and capricious, says he believes that this landmark win has backed Gensler and the SEC into a corner, making the approval of spot Bitcoin ETFs inevitable.
Arnold recently engaged in a dialogue with Anthony Scaramucci, founder of Skybridge Capital, who echoed his sentiments, underscoring the significance of the Grayscale case. He believes that Skybridge will secure a stake in BlackRock’s ETF and expressed his belief in the eventual approval of the ETFs, despite anticipating potential delays from the SEC.
Spot Bitcoin ETFs are heralded as game-changers, promising to simplify the process of crypto investment for individuals and institutional players alike. The ETFs empower wealth advisors, who manage the lion’s share of capital globally, providing them with a straightforward avenue to incorporate Bitcoin into investment portfolios.
This, in turn, unlocks Bitcoin access to a previously untapped demographic, positioning it for unprecedented demand and growth. Drawing parallels from the gold ETF approval in 2004, which resulted in a 420% price surge, Arnold posits a similar outcome for Bitcoin.
He predicts that a 420% increase from today’s value could see Bitcoin prices soaring to anywhere between 130,000 and over 300,000 dollars, depending on market conditions at the time of approval.
Bitcoin was worth $34,314 at press time.
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