March 27, 2024
JP Morgan Analysts Predict a Bitcoin ETF Approval: What Does this Mean for Crypto Investors?
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JP Morgan Analysts Predict a Bitcoin ETF Approval: What Does this Mean for Crypto Investors?

According to JP Morgan analysts, Wall Street might soon receive the long-awaited Bitcoin exchange-traded fund (ETF).

The top investment bank stated that it was “most likely” that a spot Bitcoin ETF would be authorized before January 10 in a study released on Wednesday. According to analysts at Bloomberg Intelligence, there is a 90% likelihood that a January approval for a Bitcoin ETF will occur.

“Tk,” the report simply said.

The value of an underlying asset, such as gold, foreign currencies, or in this case, cryptocurrencies, is tracked by an exchange-traded fund, or ETF.

A spot Although it doesn’t currently exist in the United States, Bitcoin would allow investors quick and safe access to cryptocurrencies.

However, the SEC has authorized several Bitcoin futures ETFs, including the Bitcoin Strategy ETF from Proshares. When the items originally debuted, during a bull market, there was a flurry of enthusiasm, but since then, it has subsided. An example would be the ProShares fund, which was the first to receive approval and trades on the NYSE Arca under the symbol BITO. In its first two days, it attracted more than $1 billion in investment, but it hasn’t developed past the initial flurry. Assets totalling $902 million are now being managed by it.

According to experts, investors are clamouring for a Bitcoin ETF, but the U.S. Securities and Exchange Commission has rejected applications for one, mostly due to the possibility of market manipulation.

Analysts are now, however, more upbeat than ever: The largest fund manager in the world, BlackRock, petitioned for its own Bitcoin ETF, and fund manager Grayscale won a legal battle with the SEC when it applied to have its flagship Bitcoin fund converted into an ETF.

The SEC now has a lengthy list of applications from top Wall Street players, such as VanEck, WisdomTree, and ARK Invest, waiting for consideration.

Image: Flickr

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