The expectation of the approval and opening of the first spot Bitcoin ETF in the US continues to increase the prices of Bitcoin (BTC) and altcoins. Experts predict that at least one spot ETF approval will come in January 2024. Leading figures in the cryptocurrency market continue to provide positive feedback on ETFs.
Anthony Scaramucci, the founder and CEO of SkyBridge Capital and also a name involved in cryptocurrency investments, is quite optimistic about the approval of at least one spot Bitcoin ETF application by the US Securities and Exchange Commission (SEC). Scaramucci’s optimism came after SEC officials met for the second time with representatives from BlackRock, the world’s largest asset management company, regarding ETFs.
In a podcast interview, when asked if he would say “yes” if he were asked whether the spot Bitcoin ETF would be approved by January 10, 2024, Scaramucci stated that this date is the most logical and probable outcome and added that a few ETF applications could be approved before this date. Scaramucci also warned that the SEC could extend the approval process due to technical issues.
According to ETF analysts at Bloomberg, if the US federal regulatory agency gives the green light to a spot Bitcoin ETF, it will do so between January 5-10. Market observers are focused on the announcement of ETF approvals by the SEC between January 8-10, 2023.
The announcement of a second meeting between representatives from BlackRock and officials from the SEC’s Division of Trading and Markets this week regarding ETF applications further increased optimism about spot ETFs. This meeting took place after the initial meetings on the selection of the cash model summary that could potentially be used for ETFs.
It was also reported that the US SEC has held discussions with cryptocurrency exchanges regarding the regulations required for ETF transactions. As known, Coinbase, the largest US-based cryptocurrency exchange, is preferred as the custodian for many spot Bitcoin ETF applications.