A Bitcoin ETF will likely be approved in the U.S. by the end of 2023. The general public has no idea this is about to happen. Even crypto natives, dismayed by depressed markets and a decade of rejections by the Securities and Exchange Commission, are somehow brushing off the current state of affairs.
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Bitcoin exchange-traded funds have been highly sought after since 2013 when the first application was submitted to the SEC and subsequently rejected. Over the past 10 years, the SEC has denied each of the several dozen ensuing proposals, including over 30 just since 2021. There are currently 10 active applications from major institutions. An uninformed observer may expect more of the same rejection, but this would be naive.
Two substantial developments in the past three months have drastically improved the prospects of an approval. Let’s take a look at these developments and consider whether or not a spot ETF could revitalize Bitcoin and lift crypto out of its bear market.
What crypto markets will do post Bitcoin ETF?
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