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As numerous applications for a spot Bitcoin ETF race for approval, the spotlight is on the application of BlackRock, the world’s largest asset management company. Major players such as ARK Invest, Bitwise, Invesco, WisdomTree, Valkyrie, VanEck, and Fidelity are also stepping into the ring, awaiting a response for their ETF applications. Experts are certain that approval for one of these applications would inevitably open the doors to a significant market-wide surge for everyone, increasing the demand for Bitcoin (BTC) and consequently significantly raising its price.
The Grayscale Development Paving the Way for Spot Bitcoin ETF Approval
Aaron Arnold, the voice behind the famous cryptocurrency expert and popular crypto-focused YouTube channel Altcoin Daily, drew attention to the significant decision that Grayscale won against the U.S. Securities and Exchange Commission (SEC) in August. The DC Appeals Court ruled that the SEC’s rejection of Grayscale’s application to convert its Bitcoin Trust into a spot ETF was unfounded, potentially clearing the way for approval. Arnold believes that this groundbreaking victory cornered SEC Chairman Gary Gensler and the SEC, making approval for spot Bitcoin ETFs inevitable.
The BlackRock Effect, Gold ETFs, and Bitcoin Price
Recently, Arnold hosted Anthony Scaramucci, the founder of Skybridge Capital, who expressed similar views on the importance of the Grayscale case. Scaramucci stated that Skybridge believes in investing in BlackRock’s ETF and despite possible delays from the SEC, the ETFs will be approved.
Spot Bitcoin ETFs are presented as investment instruments that simplify the cryptocurrency investment process for both individual and institutional investors, completely changing the rules of the game. At this point, spot Bitcoin ETFs will provide a significant alternative in front of asset managers who dominate the lion’s share of global capital and will provide them with an extremely simple way to include BTC in their investment portfolios. This will unlock access to a demographic that has not previously used Bitcoin, leading to unprecedented demand and growth.
Drawing parallels with the approval of the spot gold ETF in 2004, which resulted in a 420% price increase, Arnold made a similar prediction for Bitcoin. This prediction, based on the example of the gold ETF, is quite remarkable considering that it could lead to Bitcoin’s price reaching a range of $130,000 to $300,000.
