By Landon Manning
The hotly-anticipated Bitcoin ETF has seen contentious developments, as Grayscale wins a challenge against the Securities and Exchange Commission (SEC), and the price of Bitcoin has fluctuated wildly in response.
A Bitcoin spot Exchange-Traded Fund (ETF) is a long-running dream in the crypto community, something of a crowning achievement for the ongoing reconciliation of traditional finance and financial regulators with the new economic vision of Bitcoin. Essentially, the Bitcoin spot ETF would enable investors to purchase a financial instrument whose value is directly correlated with Bitcoin, making it extremely more accessible to all sorts of markets. A futures ETF, where the fund’s value is determined by some calculated assessment of Bitcoin’s potential gains, has already been approved and is popular, but is still a far cry from an investment product directly tied to the decentralized cryptocurrency.
ETFs are frequently bundled with diverse types of assets for everything from corporate investments to pension funds, and the possibility of such an instrument’s approval has always corresponded with an increase in the price of Bitcoin. Although millions of new users would not be able to use Bitcoin itself for daily transactions, the exposure and economic power behind such a development would be a monumental shot in the arm.
The SEC has been delaying judgements on a wide run of proposals for months now, and hype and disappointment have been predominating cyclically. Towards the end of August 2023, rumors of an SEC “crusade” against crypto circulated…
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