Will There Ever Be a Bitcoin Spot ETF?
Hard to say, and everyone's trying to read the tealeaves
Talk about a midsummer hangover.
Over the weekend came some bad news—a Bitcoin spot ETF is not coming any time soon.
The SEC is not a fan of the current documents submitted by financial advisors, investment firms, and others in the sector. Citing inadequacies, the feds have shown once again that they aren’t in a hurry to approve an ETF (exchange traded fund) tied to the daily price of Bitcoin.
Given the slump in crypto since 2021, investors weren’t thrilled by this news, and the price of Bitcoin and other digital assets slumped over the weekend. However, as of this writing, Bitcoin is approaching the $31,000 mark, proving once again that the chronicling the price of this sector on a minute-by-minute basis is a fool’s errand.
And many market watchers still believe the SEC will eventually approve a spot ETF.
Whenever that happens, there is no doubt that it will have a huge impact on the adoption and legitimacy of Bitcoin and the other assets in crypto. It will likely help trigger a new bull market as investors see the asset as a more legitimate place to put their money.
But that day isn’t today.
As so the wait goes on…
Plus…
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.