Business News: The potential approval of Bitcoin Exchange-Traded Funds (ETFs) in early 2024, as the U.S. Securities and Exchange Commission (SEC) has requested final amendments from applicants by the end of the year. Representatives of at least seven companies, aiming to launch ETFs linked to spot Bitcoin in early 2024, met with SEC officials, with two companies requested to make final amendments by the end of 2024, according to “Reuters”.
The SEC is expected to decide on the joint proposal from Ark Investment and 21Shares by January 10. Most sources anticipate the SEC to give the green light to multiple ETF applications around the same time. The SEC has previously rejected several requests for Bitcoin ETFs, citing concerns about market manipulation. The only cryptocurrency ETFs approved by the SEC are linked to Bitcoin and Ethereum futures traded on the Chicago Mercantile Exchange.
If approved, Bitcoin ETFs could provide investors with easier access to Bitcoin through traditional markets, potentially increasing demand, legitimacy, and recognition. According to Standard Chartered Bank, approval of Bitcoin ETFs could push Bitcoin’s price to $100,000 by the end of 2024. The article suggests that Bitcoin ETFs are innovative financial products allowing investors to benefit from Bitcoin’s performance without owning or storing it. The industry is anticipating the opening of a new market and expanding its user base with the SEC’s decision on pending applications. If realized, Bitcoin may experience significant growth in value and popularity in the coming years.
