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Decision on Bitcoin ETF Possible Today, Experts Remain Unfazed
- The crypto community is abuzz with discussions about Spot Bitcoin ETFs, debating their impact on Bitcoin’s price and long-term potential in the market.
- Bloomberg’s ETF analyst James Seyffart maintains his prediction for a Bitcoin ETF approval around January 8-10.
- The anticipated approval is viewed as a pivotal moment for crypto’s integration into mainstream finance according to Messari CEO Ryan Selkis.
- Citigroup’s plan to launch Bitcoin Depository Receipts faces scepticism from Bloomberg’s Eric Balchunas who doubts their appeal if a Bitcoin ETF is approved soon.
Bitcoin ETF Chatter at New Highs
The Spot Bitcoin ETFs are the hottest topic in crypto right now, with seemingly every little detail being reported on Twitter and news outlets. And while the news of exposure to Bitcoin via an exchange traded fund (ETF) may be important to institutions and investors (for long term price appreciation) – some are less excited.
Scott Melker, aka ‘The Wolf Of All Streets,’ commented on all the ETF drama by saying, whatever happens the price only has three directions to go – up, down or sideways.
To which popular web3 lawyer MetaLawMan responded by saying that any potential Bitcoin price scenario is already priced in.
Former Goldman Sachs Manager Raoul Pal urged for calm, pointing to the potential of crypto (in general) over the long term, urging people to not “f**k this up.”
Top Analyst Remains Steadfast on January 10
Bloomberg ETF analyst James Seyffart said despite all the noise he would not change his previous prediction. He still has January 8-10 earmarked for approval, noting that trading is a matter of mere days after that event. No matter what is going to happen though, this is likely to be a milestone for crypto as Messari CEO Ryan Selkis says.
The thing people are missing about the Bitcoin ETF is that it’s a “cross the rubicon” moment. Crypto will have a long-awaited wedge into mainstream global finance. That won’t “unhappen.” Mass crypto adoption is inevitable with this step. It’s just a question of time horizon.
Ryan Selkis Citigroup Announces Bitcoin Depository Receipt
Finally, Bloomberg Senior ETF analyst Eric Balchunas weighed in on an announcement about Bitcoin Depository Receipts which Citigroup plans according to reports. Bitcoin Depository Receipt is a type of financial instrument that represents Bitcoin held by a custodian. It’s similar in concept to traditional depository receipts like American Depository Receipts for stocks. Balchunas believes that the timing of this may be slightly off – if the SEC approves an ETF soon (which is expected), these receipts are not likely to draw a lot of interest.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
