Washinton, US, January 10, 2023 (9:19 am). After decades of controversies and debates, the SEC finally approved the functioning of first-spot Bitcoin ETFs across the United States. The crypto landscape woke up to this wonderful news on Wednesday morning. In the official decision, the SEC approved 11 applications, including Ark Investments/21 Shares, Fidelity, BlackRock & VanEck.
SEC Chairperson Gary Gensler’s Shocking Statements on Spot Bitcoin ETFs Approval:
After the minutes of SEC regulators passing the decision in favor of spot Bitcoin ETFs, Gary Gensler issued his statements on the approval.
“Approval Decision as the ‘Most Sustainable Way Forward”: Gary Gensler
He also admitted that the SEC also lost a legal case related to rejecting Graysacle’s request to create a Bitcoin exchange-traded fund (ETF). Because the SEC lost the case, the agency regulator didn’t have many options other than to approve around 12 similar proposals for Bitcoin ETFs (according to Gary Gensler). That’s why he referred to this decision as the ‘Most Sustainable Way Forward.’
“We did not approve or endorse Bitcoin”: Gary Gensler
In his statement, Gensler clarified that even though they approved some spot Bitcoin ETFs, it doesn’t mean they have started supporting or endorsing Bitcoin itself. He further says, ‘Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.’
Bitcoin as a “Speculative, Volatile Asset”: Gary Gensler
Mr. Gensler took this to whole another level by remarking Bitcoin as a speculative, volatile asset. He points out that Bitcoin is the same cryptocurrency often used for illegal activities such as money laundering, terrorism financing & ransomware.
Approval Doesn’t Indicate the Commission’s Views:
Nor does the approval signal anything about the commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws
– Gary Gensler
When will Spot Bitcoin ETFs Start Getting Traded?
Finally, the much-awaited decision on approving spot Bitcoin ETFs has arrived, and crypto investors can’t wait to begin trading. So, let’s address their frequently asked question: when will it start getting traded?
According to notices posted on CBOE’s website on January 10, 2023, the trading of spot Bitcoin ETFs will begin on Thursday. So, wait a few hours, and then witness the biggest shift in the crypto industry.
Expert Predictions After Spot Bitcoin ETFs Approval:
According to many crypto analysts, ETFs are predicted to draw $50 to $110 billion this year alone. If things don’t go as they expected, even then, too, the inflows will be around $55 billion in the next few years.
After the spot Bitcoin ETF approval by Bitcoin, the Bitcoin prices reached $47,696.61 (the highest ever in two years). However, in the following hours, the prices fell. As of now, the Bitcoin price is trading at $46,150.99. The moment spot Bitcoin ETFs will start trading, we can expect tremendous growth in Bitcoin’s prices in the next few days.
What’s Next?
After years of debates, the SEC finally approved spot Bitcoin ETFs, but the question is, what’s next?
Of course, getting them trading. So, here are the few things we can expect on day one.
NYSE, Nasdaq & Cboe Global Markets will debut anticipated products aided by renowned trading firms.
The trading of Bitcoin ETFs can be expected to start at 09:00 UTC, as it is the standard time for the opening of U.S. stock exchanges. Moreover, we can expect investors to take some extra time to invest in Bitcoin ETFs. The reason behind this is very evident: Crypto investors lack knowledge in using the Bitcoin ETFs. Before investing, the investors might undergo the review process to ensure they can trade in spot Bitcoin ETFs.
Thus, we can say what inflows might look like this week. No one knows. All we can do is wait & watch.
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