|
|
Edited by Jafar224 at 26-12-2023 08:55 AM
The cryptocurrency market is eagerly anticipating the launch of the first Bitcoin spot ETF in the United States. Currently, more than 10 institutions, including BlackRock, Hashdex, Grayscale, 21Shares (in collaboration with ARK Invest), Bitwise, VanEck, Wisdomtree, Invesco, Fidelity, and others, have submitted applications and are awaiting approval from the SEC.
It is noteworthy that nearly 80% of financial advisors are waiting for the debut of a Bitcoin spot ETF. Ric Edelman, founder of Edelman Financial Services, a US asset management company with $250 billion in assets under management, and author of several personal finance books, revealed in a recent interview on Coindesk's Unchained podcast that the majority of financial advisors are eagerly awaiting the launch of a Bitcoin spot ETF. In our last survey, 77% of financial advisors indicated that they are waiting for the launch of a Bitcoin spot ETF so they can offer such products to clients. Every compliance department in each institution will approve offering such a product because it's an ETF, just like other thematic ETFs. We use ETFs to invest in computer technology, oil and gas, gold and precious metals, emerging markets, and now, these types of ETFs are for investing in blockchain and digital assets.
According to Edelman, based on the company's survey, as many as 47% of financial advisors hold Bitcoin. They understand it as an innovative technology that has the potential for significant investment returns, and thus, they are making personal investments.
Edelman envisions future conversations between financial advisors and clients: When clients eventually say, "Should I buy Bitcoin?" how will advisors explain it to them? When asked, "What do you think about Bitcoin? By the way, do you hold Bitcoin?" advisors are expected to respond, "Yes, I've been holding Bitcoin for many years; I just didn't tell you to buy."
The first spot ETF is expected to be approved as early as January next year. Many market participants anticipate that the SEC will approve multiple Bitcoin spot ETFs simultaneously. After the SEC postponed the final decision deadlines for several Bitcoin spot ETFs in November, Bloomberg ETF analysts Eric Balchunas and James Seyffart are optimistic, estimating a high probability of up to 90% for the approval of Bitcoin spot ETFs before the next decision deadline on January 10th next year.
James Seyffart noted on the 1st that the next window for SEC review of Bitcoin spot ETFs falls between January 5th and 10th, 2024. The probability of early approval for any ETF is not high, and any possible approval announcement is expected to occur between January 8th and 10th, affecting Bitcoin's volatility during that period. |
|
Post time 10-12-2023 07:11:43