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The listing of a Bitcoin exchange-traded-fund (ETF) is anticipated to take the industry to the next level.
A Bitcoin exchange-traded fund ETF could soon be approved in the United States after years of struggle. The Chicago Board Options Exchange (CBOE) filed a Form 19b-4 on Monday with the United States Securities and Exchange Commission to list shares of VanEck’s Bitcoin exchange-traded fund (ETF). All eyes on the SEC for the next one and a half months.
A Bitcoin exchange-traded-fund (ETF) is anticipated to take the industry to the next level. The reason is that it would onboard both retail and institutional investors who are not willing to invest directly in the crypto industry. The Canadian counterpart has already approved several Bitcoin ETFs thus putting pressure on the United States SEC to approve at least one. However, the commission could extend the approval timeline to approximately 240 days.
CBOE and Bitcoin ETF
A Bitcoin Exchange-traded fund could be a huge game-changer for the entire crypto industry, particularly in the United States. Whereby, institutional investors could get an extra reason to hop into the crypto industry. Previously, a significant portion of institutional investors remained wary due to the lack of regulatory clarity in the industry.
If the Securities and Exchange Commission approves CBOE’s request to list and trade VanEck Bitcoin Trust, it is anticipated other Bitcoin ETFs could be approved during the year. As a result, not only would the crypto market grow in the United States but also globally as the competition could force other inverters to hop in.
The crypto market has grown exponentially during the coronavirus outbreak, surpassing a trillion dollars in market cap. Besides, most altcoins are currently trading around their all-time high. Bitcoin, which is currently in a correction phase, is in a price discovery phase that could see it rally further in the coming weeks.
Moreover, institutional investors continue to adopt Bitcoin and other crypto assets to hedge against the inflationary United States dollar. Notably, the crypto industry is facing extra scrutiny from the United States Security and Exchange Commission. Before the end of former President Trump’s administration, the SEC filed a lawsuit against payment giant Ripple Inc. based on selling unregulated securities.
However, it is anticipated that the current Biden administration could be much receptive to the crypto industry.
As institutional investors get to fuel the ongoing crypto bull rally, an approved Bitcoin exchange-traded fund could further spell bullish later on. The demand for the diminishing Bitcoin could scale further thus result in the market price rising astronomically.