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According to Lark Davis, a well-known Bitcoin investor, many analysts believe that Bitcoin ETFs have a high chance of being approved by January. The mentioned percentage of 90% takes the situation to a whole new level. Davis shared the situation with his followers on X (formerly known as Twitter). Crypto users other than Davis also have a similar expectation of approval, which supports Davis’s post.
Will Bitcoin ETFs Be Approved?
Mister Crypto, one of the respondents to Davis’s post, mentioned that he has been talking about this situation in the past few months. According to Mister Crypto, all ETFs will probably be approved before the end of this year.
Another statement regarding the issue was made by David Parker, an X user related to Web3. According to Parker, the potential ETF approval will also be beneficial to the Web3 sector. According to Parker, an ETF approval will be a reward for the blockchain industry in the Web3 sector.
Parker made the following statement about the issue:
Wow, January. This will be a nice New Year’s gift for us Web3 workers. I’m ready! It could be January or March, I’m really ready!
Bloomberg Analyst’s Interpretation
Statements from Congress can increase the pressure on the SEC regarding pending ETF approvals. Eric Balchunas, Bloomberg’s Senior ETF Analyst, made a statement regarding the issue. In his recent statement, he said that the SEC has a different approach to communication with ETF applicants, which suggests that the expected approval may be closer than anticipated.
Balchunas stated that such a situation has never happened before and the probability of rejection is much lower than expected. According to him, there is a high probability of ETF approval before the end of 2023, with a percentage of 75%.
Another strong voice suggesting that the ETF will be approved in a short period of time came from Steven Schoenfeld, a former executive of BlackRock. According to Schoenfeld, the SEC will approve spot Bitcoin ETFs within the next three to six months.
