Analysts at JPMorgan and Bloomberg Intelligence have made predictions in a report published on Wednesday. The note states that it’s “quite likely” the SEC will approve a Bitcoin spot ETF before January 10, 2024.
They are hopeful that the U.S. Securities and Exchange Commission (SEC) will soon approve a Bitcoin ETF despite concerns about cryptocurrencies. JPMorgan wrote:
“Bitcoin ETFs will appear in a few months.”
The cryptocurrency markets are eagerly awaiting SEC approval for several proposed Bitcoin spot ETFs. Earlier this week, a false report claiming that the SEC had approved a Bitcoin spot ETF caused the price of BTC to surge to $30,000.
Meanwhile, institutional investors are making efforts to gain SEC approval to include some digital assets in their investment portfolios.
A Bitcoin spot ETF could potentially drive the cryptocurrency market with a wave of institutional investments from hedge funds:
“The absence of a spot variant in the U.S. is notable, even as the SEC has approved Bitcoin futures ETFs.”
However, SEC Chairman Gary Gensler has remained tight-lipped about what the SEC intends to do regarding the growing demand for Bitcoin ETFs.
Paul Grewal, Coinbase’s Chief Legal Officer, told Bloomberg on Friday that he “hopes” spot ETFs will soon receive SEC approval:
“I am fairly hopeful that these [ETF] applications will be granted, if only because they should be under the law.”
Grewal added:
“I think the companies have made strong proposals for these products and services, and they’re among the biggest blue chips in the financial services sector.”