Fred Thiel, the CEO of Marathon Digital, a company involved in Bitcoin mining, believes that the chances of the U.S. Securities and Exchange Commission (SEC) approving a spot Bitcoin exchange-traded fund (ETF) are positive.
Thiel’s optimism is fueled by the efforts of major players like BlackRock to launch such ETFs. He mentioned that the approval of Ethereum futures ETFs by the SEC could also boost the likelihood of a spot Bitcoin ETF getting approved.
Thiel noted that BlackRock’s interest in this endeavor suggests a high degree of confidence in gaining approval. Several applications for spot Bitcoin ETFs are currently pending, including those from significant entities like BlackRock, Wisdom Tree, VanEck, and Fidelity.
Thiel mentioned that if one spot Bitcoin ETF is approved, it could pave the way for the approval of others, but he doesn’t expect the SEC to favor just one applicant. He also pointed out that the potential approval of an Ethereum futures ETF could enhance the chances for a spot Bitcoin ETF approval.
Overall, Thiel expressed a bullish outlook, stating that the odds of the SEC approving a spot Bitcoin ETF are better than 50/50. He believes that the SEC’s decisions will have a significant impact on the cryptocurrency market.
Thiel Says: The SEC is looking for favorable results
Thiel pointed out that the strong interest from institutions wouldn’t exist if companies seeking to introduce a Bitcoin ETF didn’t believe it was feasible.
Thiel cited instances like the approval of Prometheum exchange as a Special Purpose Broker-Dealer (SPBD) for digital asset securities and Ripple’s partial victory in a lawsuit against the SEC in 2020. He mentioned that Congress has heightened its scrutiny on the SEC, putting additional pressure on the regulator.
He emphasized that the SEC is in need of positive outcomes to alleviate this pressure. Thiel emphasized the significance of settling the Coinbase case, suggesting that the outcome of the Ripple case indicates that the SEC might face challenges in the Coinbase case as well.
Despite these dynamics, American investors continue to await positive decisions from the SEC, with the recent delay in the ARK 21Shares Bitcoin ETF application causing further disappointment.
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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