The Securities and Exchange Commission (SEC) is on the precipice of a landmark decision: approving the first-ever spot Bitcoin (CRYPTO: BTC) Exchange-Traded Funds (ETFs).
This seemingly innocuous bureaucratic step could disrupt the crypto market, traditional finance and the global financial landscape.
There are 13 applications for spot bitcoin exchange-traded funds pending approval from the SEC.These applications have been submitted by notable firms such as BlackRock Inc. (NYSE: BLK), ARK Invest, Grayscale Investments, WisdomTree, VanEck, Valkyrie, Invesco and Fidelity.
A Gold Rush In The Making?
Proponents of Bitcoin ETFs paint a picture of a gold rush 2.0.
They draw parallels to the 2004 launch of the first gold ETF and envision a scenario where institutional investors, previously wary of the unregulated crypto world, flood into Bitcoin. Just as the spot price of gold surged following the spot ETF launch, Bitcoin proponents see the same happening following the launch of a spot Bitcoin ETF.
Matt Hougan, chief investment officer at Bitwise Asset Management, champions this view, stating, "The market has not realized how big a deal this is," comparing Bitcoin's current ...