Bitcoin ETF To Be Approved In Weeks? Potential Timeline Revealed• December 21, 2023 12:40 pm • Comments
Sources from Fox Business are claiming that the first spot Bitcoin ETF may be approved in a matter of weeks.
The outlet and several others claimed that a Bitcoin ETF could be approved as early as January 10th or before that date, but there is one big caveat for these proposed Exchange-traded funds.
Officials at the Securities and Exchange Commission are demanding that these Bitcoin ETFs be funded through cash. Can they really be called ‘Bitcoin’ ETFs then?
Investors and the crypto community had different opinions on the inbound ETFs. Investor Fred Krueger provided his outlook:
“Good Morning. 18 days before ETF D-Day. Let’s talk Blackrock for a moment…Blackrock’s Bitcoin bet “in preparation” for the ETF
They own: 6% of MARA value 300 MM USD, 6% of RIOT value 211 MM USD, 7% of MSTR value 529 MM USD.
Total: 1 Billion USD, or about 1% of their entire market cap. They also own smaller stakes in CAN, CIFR and WULF. They used to own HUT, but seems like they have divested. Anybody thinking that they want “Bitcoin to go down” needs to have their head examined.
Note that this move into miners is fairly recent. It appears they started seriously planning the ETF back in August, and started to take these positions in the last 3 months.
Once this ETF gets out, you can be guaranteed that they will pull every string to make sure it is in the pole position amongst the 13 applicants. The marketing wars are starting. A new weight category of 800-pound gorilla has entered the room.”
18 days before ETF D Day.
Let's talk Blackrock for a moment…
Blackrock's Bitcoin bet "in preparation" for the ETF
6% of MARA value 300 MM USD
6% of RIOT value 211 MM USD
7% of MSTR value 529 MM USD
Total: 1 Billion USD, or about 1% of their entire…
— Fred Krueger (@dotkrueger) December 21, 2023
Michael Novogratz says a spot Bitcoin ETF will be approved before January 10th.
That's 20 days away. pic.twitter.com/sSuev14WZK
— Milk Road (@MilkRoadDaily) December 21, 2023
— Watcher.Guru (@WatcherGuru) December 20, 2023
Fox Business broke the story and confirmed:
Sources close to these firms say recent guidance from SEC officials is that a green light will likely come by Jan. 10, 2024.
This is the final deadline for the SEC to approve or deny an application from the first firm to ask for the SEC’s blessing for a spot bitcoin ETF: Cathie Wood’s Ark Investment Management in partnership with 21Shares.
Max Keiser provided a negative outlook and claimed that we are staring down some very unwelcome developments:
“In 40 years of finance I’ve never seen such coordination and cooperation by so many financial institutions working hand-in-glove with regulators & politicians as I’m seeing with the coming wave of Bitcoin ETF’s. I think we may be in for an unwelcome surprise.
Seems like all these Bitcoin ETF’s have agreed to cash-in, cash-out. Investors will track the price, but have no claim on actual BTC. A fiat money version of Bitcoin. Simultaneously, Washington is apparently looking to ban self-custody.
If this is true, it’s exceptional, due to the size of this highly coordinated bait-and-switch by Wall Street & Washington. The best way to beat this is to move to BITCOIN COUNTRY El Salvador.”
Seems like all these #Bitcoin ETF’s have agreed to cash-in, cash-out. Investors will track the price, but have no claim on actual BTC.
A fiat money version of #Bitcoin
Simultaneously, Washington is apparently looking to ban self-custody.
If this is true, it’s exceptional,… https://t.co/IRFictAAzV
— Max Keiser (@maxkeiser) December 21, 2023
U Today added:
The SEC’s preference for cash transactions is attributed to restrictions imposed on broker-dealers, preventing them from directly engaging in spot Bitcoin trading.
Speculation abounds that the SEC’s apprehensions regarding potential misuse of Bitcoin, including activities such as money laundering and market manipulation, are the driving forces behind this restrictive measure.
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