Don’t Lose Hope, Trust in BlackRock’s Bitcoin Plan!

• Essentially, an ETF is an investment type that offers special tax advantages and also allows you to borrow against it. This makes it a very attractive option for large investors such as retirement funds.
• Normally, the U.S. Securities and Exchange Commission (SEC) takes about 45 days to decide on an ETF proposal with a “yes” or “no” answer. However, they are taking more time to decide on the Bitcoin ETF.
• The SEC will announce its decision on BlackRock’s Spot Bitcoin ETF on October 17th. Grayscale’s Chief Legal Officer and even former SEC Chairman Jay Clayton say that approval is “inevitable”.

Could the SEC be extending the process because it doesn’t know what to do with spot Bitcoin ETFs? Despite all of the SEC’s obstacles, BlackRock has no intention of giving up on its Bitcoin plans.

Will the SEC’s Power be Enough to Stop BlackRock?

The next significant moment in the history of cryptocurrency will be the approval of the Spot Bitcoin ETF. So why is this such a big event? Essentially, an ETF is an investment type that offers special tax advantages and also allows you to borrow against it. This makes it a very attractive option for large investors such as retirement funds, and if these funds get involved in this area, the Bitcoin market could receive significant financial support. However, the SEC has postponed the decision on 6 spot BTC ETF applications, including BlackRock, until October 17th.

Normally, the U.S. Securities and Exchange Commission (SEC) takes about 45 days to decide on an ETF proposal with a “yes” or “no” answer. However, they are taking more time to decide on the Bitcoin ETF. This came immediately after a court decision stating that the SEC was wrong to reject another Bitcoin ETF proposed by Grayscale Investments. The court essentially told the SEC to reconsider its decision. So, could the SEC be extending the process because it is unsure of what it should do?

Meanwhile, BlackRock, the world’s largest asset manager, seems to be taking strategic steps that indicate they are part of a long-term plan. Their goal may be to launch a Spot Bitcoin ETF that could ignite a new bull market in 2024. And remember, if BlackRock gets the green light, the price of Bitcoin could surpass $200,000 by 2025! Here’s why:

• Nearly flawless track record: BlackRock has a 99.8% approval rate for ETFs.
• A problem solver sought by the government: Who did the U.S. government turn to during the 2008 financial crisis? Yes, BlackRock.
• A change of mindset: The CEO of BlackRock has started to warm up to Bitcoin and referred to it as “digital gold”.
• Special achievements: They have already launched a special Bitcoin ETF for institutional players.
• Global examples: Spot Bitcoin ETFs are already operating in Europe and Canada.
• Peer pressure: Other major asset managers, such as Vanguard and Fidelity, are ready to jump on the Bitcoin ETF train.

This makes it more likely for other Bitcoin ETFs to receive approval. It’s not a matter of “if”, but “when”.

Get ready for October!

The SEC will announce its decision on BlackRock’s Spot Bitcoin ETF on October 17th. Considering that Grayscale’s Chief Legal Officer and even former SEC Chairman Jay Clayton implied that approval is “inevitable”, this date could likely mark the beginning of Bitcoin’s next meteoric rise.

In addition, decisions will be made on other spot Bitcoin ETFs, including Fidelity, on October 17th. Furthermore, Global X’s first decision date coincides with October 7th. Although it is unlikely, there is a possibility that the SEC may approve a batch of spot Bitcoin ETFs. This could happen on October 7th or October 17th.