Blackrock’s Third Encounter with SEC Indicates Green Light for Spot Bitcoin ETF

Earlier today, the Securities and Exchange Commission (SEC) made an announcement confirming their recent meetings with employees from BlackRock and Nasdaq Stock Market. As the countdown to January 10 continues, financial giants like JPMorgan are eagerly awaiting the SEC’s decision on their applications for a Bitcoin ETF. While experts predict that a final verdict will be reached by early 2024, the SEC is taking its time to thoroughly review each proposal.

In a significant development, BlackRock, a major investment firm, has held their third meeting with the SEC in just one week. This could potentially indicate that the approval of the first-ever spot Bitcoin ETF in the US is imminent. These meetings took place prior to the SEC’s upcoming decision on various Bitcoin ETF filings, including BlackRock’s iShares Bitcoin Trust.

Analysts have put forth different predictions regarding the SEC’s approval timeline. Some believe that all filers could be approved simultaneously, while others anticipate approval before the deadline. Michael Saylor, the founder of MicroStrategy, has expressed confidence in a January approval, as he foresees a surge in demand for Bitcoin. Entrepreneur Mike Alfred predicts a 98.7% chance of Bitcoin ETF approval before January 10, and Galaxy Digital CEO Michael Novogratz is certain that approval will be granted by then.

If BlackRock’s iShares Bitcoin Trust receives approval, it could have significant implications for the crypto market. The mere rumors of approval have already caused the price of Bitcoin to soar. However, some analysts caution that an influx of institutional capital could also lead to increased volatility and price fluctuations in the short term, as investors seek to capitalize on potential gains.

In conclusion, the approval of a spot Bitcoin ETF is currently a hot topic in the crypto industry, with numerous speculations and investors hoping for it to become a reality before January 10.