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The expectation that the first spot Bitcoin ETF in the US will soon be approved and opened for trading continues to increase the prices of Bitcoin (BTC) and altcoins. Experts predict that the approval of at least one spot ETF will come as early as January 2024. Meanwhile, prominent figures in the cryptocurrency market continue to give positive feedback on ETFs.
Anthony Scaramucci’s Prediction on Spot Bitcoin ETF Approval
Anthony Scaramucci, the founder and CEO of SkyBridge Capital, who also has cryptocurrency investments, is quite optimistic about the approval of at least one spot Bitcoin ETF application by the US Securities and Exchange Commission (SEC). Scaramucci’s optimistic prediction came after SEC officials met with representatives of BlackRock, the world’s largest asset management company, for the second time regarding ETFs.
Scaramucci stated in a podcast interview that if he were asked whether a spot Bitcoin ETF would be approved by January 10, 2024, he would answer “yes.” He added that an approval by January 10, 2024 is the most logical and probable outcome, and that several ETF applications could be approved before that date. Scaramucci also warned that the SEC could extend the review process for approval due to technical issues.
According to Bloomberg’s ETF analysts, if the US federal regulatory agency gives the green light to a spot Bitcoin ETF, it will do so between January 5-10. Market observers are focused on the potential announcement of ETF approvals by the SEC between January 8-10, 2023.
Increased Traffic in Meetings Between BlackRock and SEC
The announcement that a second meeting was held this week between representatives of BlackRock and officials from the Trading and Markets division of the SEC regarding ETF applications further increased optimism about spot ETFs. This meeting took place after the initial meetings on the selection of the cash model summary that could potentially be used for ETFs.
It was also reported that the US SEC has been in talks with cryptocurrency exchanges regarding the regulations required for ETF transactions. As it is known, Coinbase, the largest US-based cryptocurrency exchange, stands out as the preferred cryptocurrency exchange for storing BTC in many spot Bitcoin ETF applications.
