The outcome of the race for a regular Bitcoin ETF may be determined in early 2024, and if it happens, the price of Bitcoin could soar.
In the ongoing discussion about the regular Bitcoin ETF, Bloomberg Analyst James Seyffart pointed out that the recent court decision against the SEC in the Grayscale case is a significant blow to the SEC’s stance.
On August 29, 2023, the D.C. Circuit Court of Appeal disagreed with the SEC’s position on Grayscale’s Bitcoin Trust (GBTC) becoming a regular Bitcoin ETF.
The SEC’s views were “Unreasonable” or “Illogical.”
Seyffart pointed out that the SEC’s stance didn’t seem logical because it treated spot and futures ETF applications differently. Previously, Bloomberg analysts predicted a 75% chance of a regular Bitcoin ETF in 2023. After seeing the unanimous support for Grayscale’s filing and the strong words the judge used against the SEC, the analysts became even more confident and raised the odds to 75%.
Approval of a Bitcoin ETF is inevitable
The analyst is sure that the ETF will eventually get approved; it’s just a matter of time. They mentioned that the SEC typically delays its decision for about 45 days before the final deadline.
The first pending application is from Ark 21Shares Bitcoin ETF, due before January 10, 2024. This is why the analysts believe it will happen in 2024, with the others in March 2024.
So, by early 2024, we might know the outcome of the Bitcoin ETF race, and if it’s approved, the Bitcoin price could rise significantly.
Another important event for the crypto world, the Bitcoin Halving, is expected around April or May 2024.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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