Approval of a Bitcoin ETF in the USA could raise the price of BTC to $45,000
Date: 2023-09-23 Author: Dima Zakharov Categories: BUSINESS
Bitcoin ETF Approval: Real Chance or Empty Expectations?
Potential Market Impact
Among cryptocurrency enthusiasts and investors, there is growing anticipation for the approval of a Bitcoin exchange-traded fund (ETF) in the United States. Many claim that such a decision could serve as a catalyst for Bitcoin's price to rise to $45,000. According to experts, institutional investors who previously stayed away due to the complexities and risks associated with direct cryptocurrency investments will now be able to invest through ETFs, increasing demand for Bitcoin.
Arguments from Crypto Analysts
Crypto analyst Crypto Rover believes that SEC Chairman Gary Gensler should approve at least one of the proposed Bitcoin ETFs. It seems that Gensler does not have much time left to make a decision. According to standard review timelines, the SEC has only 23 days to decide on pending Bitcoin ETF applications.
Who's in the Queue?
According to available information, several leading financial institutions are awaiting decisions on their Bitcoin ETF applications. These institutions include BlackRock, Bitwise, Wisdom Tree, Invesco Galaxy, Fidelity, Hashdex, VanEck, and Valkyrie. These applications are expected to be reviewed between October 7 and October 19, 2023.
Recent decisions by the SEC to postpone the review of Bitcoin ETF applications have caused some disappointment in the investment community. However, the involvement of a giant like BlackRock in this process creates optimism and the possibility of a positive outcome.
Competition on the Horizon
According to Galaxy CEO Mike Novogratz, the introduction of the first Bitcoin ETF could become a reality within the next 4-6 months. Once this process is completed, the market will likely face stiff competition. In particular, BlackRock, Invesco, and Galaxy will actively compete for market share, aiming to attract the maximum number of investors.
In the world of cryptocurrencies, decisions regarding the creation of Bitcoin ETFs could be a pivotal moment for attracting new investors and additional capital. While the outcome of the approval process is still unknown, the growing interest and attention to this matter highlight how significant and influential such a decision could be for the entire crypto market.
