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- Bloomberg analysts, James Seyffart and Eric Balchunas, have increased the probability of a spot Bitcoin approval in 2023 to 65%.
- Their assessment indicates that the role of Gary Gensler in the SEC is becoming less significant, and Democrats are beginning to react to his constant rejection of ETFs.
- They believe that if the SEC loses a case against Grayscale, it could trigger a wave of consecutive Bitcoin ETF approvals.
In a recent analysis, Bloomberg experts James Seyffart and Eric Balchunas have upgraded the likelihood of a spot Bitcoin approval in 2023 to 65%, a significant increase from the previous 1% estimation.
Spot Bitcoin Approval Probability Surges
James Seyffart and Eric Balchunas, Bloomberg’s ETF analysts, have jointly authored a report in which they have significantly increased the likelihood of a spot Bitcoin approval in 2023. Based on recent events and information they have gathered, they have raised the approval rate to 65%. This is a substantial increase from the 50% probability estimated a few weeks ago, and a massive leap from the 1% chance predicted a few months prior.
Diminishing Role of Gary Gensler in the SEC
The analysts’ assessment also points out that the role of Gary Gensler in the SEC is becoming increasingly insignificant. Furthermore, they note that Democrats are starting to express dissatisfaction with Gensler’s continual rejection of ETFs. This political shift could potentially influence the approval process of Bitcoin ETFs in the future.
Potential Wave of Bitcoin ETF Approvals
The Bloomberg analysts also suggest that if the SEC were to lose a case against Grayscale, it could potentially trigger a wave of consecutive Bitcoin ETF approvals. They also mention that BlackRock’s ETF application could exert additional pressure on the SEC, further increasing the chances of Bitcoin ETF approvals.
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Conclusion
In conclusion, the analysis by Bloomberg analysts James Seyffart and Eric Balchunas indicates a positive outlook for Bitcoin ETF approvals in 2023. The diminishing role of Gary Gensler in the SEC and potential legal outcomes could significantly influence the approval process, potentially leading to a wave of Bitcoin ETF approvals.
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