Bitcoin Spot ETF approval forecast in the US by the end of November, Valkyrie CIO assesses

The potential launch of the Bitcoin Spot ETF in the United States by the end of November could shake up the cryptocurrency market in 2023. The approval of the Valkyrie Investments ETF, together with Bitwise, are at the forefront of this race, anticipating not only the regulatory approval but also a significant capital injection that could reach billions of dollars in investments.

In what could be a regulatory milestone, Valkyrie has updated its stakeholders with expectations of an imminent approval of its Bitcoin ETF, possibly hinting at an auspicious start to 2024. This prediction does not come out of nowhere; is rooted in a detailed analysis of recent requests for comment by the U.S. Securities and Exchange Commission (SEC), which could pave the way for final adjustments to the listing rules for long-awaited cryptocurrency ETFs.

Bitwise remains similarly optimistic, despite acknowledging persistent obstacles such as market manipulation and complexities related to cryptocurrency custody. Optimism is such that Valkyrie projects $10 billion post-launch influxwhile Bitwise looks further ahead, envisioning growth that could reach $50 billion within a five-year horizon.

On the back of BlackRock, around ten companies are competing in what could be described as an Olympic race to launch the first spot Bitcoin ETFs in the United States. And while the dispute is tight, Grayscale’s recent legal victory adds a new dynamic to the field, further putting pressure on the SEC as it seeks to transform an existing fund into a dedicated Bitcoin Fund.

Confidence that the Bitcoin ETF will be approved soon is welcome news for investors and cryptocurrency enthusiasts, indicating that perhaps a new chapter is about to be written in the book of digital financial innovation.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.