Grayscale Development Paves the Way for Spot Bitcoin ETF Approval - COINTURK NEWS
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Grayscale Development Paves the Way for Spot Bitcoin ETF Approval

10:38 am (36 days ago)
October 31, 2023

As numerous applications for spot Bitcoin ETF approval compete, the spotlight is on the application of BlackRock, the world’s largest asset management company. Alongside BlackRock, 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 confident that the approval of at least one of these applications will inevitably open the doors to a significant market-wide surge and greatly increase the demand for Bitcoin (BTC) and therefore its price.

Grayscale Development Clears the Way for Spot Bitcoin ETF Approval

Renowned cryptocurrency expert and the voice behind popular crypto-focused YouTube channel Altcoin Daily, Aaron Arnold, highlighted an important decision won by Grayscale against the U.S. Securities and Exchange Commission (SEC) in August.

The D.C. Court of Appeals ruled that the SEC’s rejection of Grayscale’s application to convert its Bitcoin Trust into a spot ETF was unfounded, setting a precedent that could pave the way for approval. Arnold stated that although SEC Chairman Gary Gensler acted whimsically and capriciously, this milestone victory cornered Gensler and the SEC, making the approval of spot Bitcoin ETFs inevitable.

The BlackRock Effect, Gold ETFs, and Bitcoin Price

Arnold recently hosted Anthony Scaramucci, the founder of Skybridge Capital, who shared similar views on the importance of the Grayscale case. Scaramucci believed that Skybridge would invest in BlackRock’s ETF and despite potential delays from the SEC, he stated that the ETFs would be approved.

Spot Bitcoin ETFs are presented as investment tools that simplify the cryptocurrency investment process for both individual and institutional investors, completely changing the game. At this point, spot Bitcoin ETFs will be a significant alternative in front of asset advisors who manage the lion’s share of global capital, providing them with a simple way to include BTC in their investment portfolios. This will unlock access to a demographic that has not previously used Bitcoin, exposing it to unprecedented demand and growth.

Drawing parallels with the approval of 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 as it corresponds to Bitcoin’s price reaching a range of $130,000 to $300,000 with current prices.

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