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Nexo

SEC Tweet Sparks Fresh Speculation Over Bitcoin ETF Approval

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin
0

Let the speculation begin! The official Twitter account of the United States Securities and Exchange Commission (SEC) has reissued a bulletin educating investors on “the potential risks and benefits” of a Bitcoin ETF or “fund” which has the cryptocurrency community spiraling over the possible implications.

Those implications are that the tweet is a subtle hint that a Bitcoin ETF is near approval – something that a decision should soon be made on before the month is over. Could this be the news event that sends the cryptocurrency to new all-time highs?

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Speculation Runs Wild As SEC Tweets About BTC “Fund”

As a branch of the United States government, the SEC isn’t just tasked with protecting investors, it must also educate investors as part of planning and prevention.

For example, the SEC devised the Howey Test to determine if an asset is a security or otherwise. If it is, it would then fall under its purview. In the past, the SEC created a Howeycoin website specifically to show crypto investors what a scam would look like.

Related Reading | This Perspective Shows What The Last Leg Up In Bitcoin Looks Like

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Their most recent tweet has shared a reminder about the potential pitfalls of “investing in a fund that holds Bitcoin futures contracts,” along with a link to learn more.

With potential Bitcoin ETF – which stands for exchange-traded fund – approvals on the horizon, speculation immediately turned to how the tweet basically meant an ETF approval was “inevitable.”

Well, guess this means an ETF is inevitable.

— unusual_whales (@unusual_whales) October 14, 2021

Could The Debut Of A Futures-Based Bitcoin ETF Lead To Cycle Climax?

But it is important to note that the link shared by the SEC’s investor education handle links off to a page created in early June, and might not be the smoking gun connection to a Bitcoin ETF approval conspiracy that the community thinks it is.

Still, with several potential Bitcoin ETFs that could be approved as early as this month, the timing certainly is suspect. “VanEck, ProShares, Invesco, Valkyrie and Galaxy Digital” will all be decided on before the month is over, according to CNBC.

bitcoin ETF approval SEC

An approval or denial could be a big deal | Source: BTCUSD on TradingView.com

During the bear market, when an ETF would fail to pass approvals, Bitcoin price would tank as a result. Another failure here could caused a double-top scenario in the leading cryptocurrency by market cap, while an approval would likely lead to a blitzkrieg of full blown BTC FOMO.

Related Reading | Bitcoin Is “The Loudest Monetary Fire Alarm” In Finance

The SEC’s tweet does reference a fund that holds Bitcoin futures contracts, which in theory could allow institutions to gain access to short positions on the cryptocurrency. The last time a major new platform debuted that let institutions short BTC, it was the launch of CME Bitcoin futures, and it was the exact top of the last cycle.

Will the eventual Bitcoin ETF be this cycle’s CME?

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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