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Bitcoin ETF BTC BTCUSDT

Bitcoin ETF A Matter Of Time, Inside Sources Claim

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The U.S. Securities and Exchange Commission (SEC) seems more than likely to approve a spot Bitcoin ETF, according to a recent report. The regulator rejected every petition for the financial instrument, but the world’s largest asset manager, BlackRock, changed it all.

Related Reading: ARK’s Bitcoin ETF Decision Nears – Will SEC Give the Green Light on Aug. 13?

Bitcoin ETF, A Question Of When Not If?

Per Bloomberg Intelligence Exchange Traded Fund (ETF) expert Eric Balchunas, the BlackRock and Invesco Bitcoin ETF petitions will get approved. The expert quoted Galaxy Digital CEO Mike Novogratz that based his information on inside sources within the Commission.

Novogratz stated the following on an earnings call today, August 8th:

It’s a big deal, because both our contacts from the Invesco side and from the BlackRock side gets you to think that this is a question of when, not if, that the outside window this is probably six months. And so you’re—kind of your four to six month, if you had to put a pin the tail on the donkey audit.

In addition, Balchunas highlighted Novogratz’s statements on the world post-Bitcoin ETF. If BlackRock’s petition gets approved, others will likely follow and launch in the North American country.

The Big Fight To Come If A Spot Bitcoin ETF Gets Approval

The Galaxy CEO believes asset managers must “fight like cats and dogs for mkt share.” BlackRock and its top executive could already be anticipating this fight.

Thus, its top executives, including Larry Fink, are giving interviews about Bitcoin, its benefits, and the potential benefits of a spot Bitcoin ETF for US citizens. Fink seemingly has so much fate in Bitcoin than recommended people to invest in the cryptocurrency over gold:

I do believe the world of crypto its digitizing gold in many ways; instep of investing in gold as a hedge against inflation, a hedge against the honorous promises of any one country, or the devaluation of your currency, whatever country you are in, let’s be clear: Bitcoin is an international asset (…).

The above could also be part of BlackRock’s marketing for its own BTC spot ETF. This strategy could make all the difference for this and other asset managers when taking over market share if the financial product gets approved.

Related Reading: Double Impact: Valkyrie Files To Convert BTF To Bitcoin And Ether ETF

On this possibility, Balchunas claims that the odds stand 75% to 25% in favor of approval. The expert gave this same odds to the futures Bitcoin ETF launched in the country in September 2021.

Bitcoin ETF BTC BTCUSDT
BTC’s price is moving sideways on the daily chart. Source: BTCUSDT Tradingview

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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