SEC Bitcoin ETF Decisions Loom

The SEC has set October 26th as the deadline for making approval decisions for nine different Bitcoin ETF proposals. Throughout the last few years, the SEC has rejected one Bitcoin ETF after the next, including several proposed by the Winklevoss brothers of the Gemini cryptocurrency exchange.

The Bitcoin ETF proposals are from three different companies. ProShares has proposed two, Direxion has proposed five, and GraniteShares has proposed two, which would be listed on the Chicago Board Options Exchange.

The ever-increasing amount of Bitcoin proposals is putting a lot of pressure on the SEC to approve at least one. The SEC has rejected a lot of previous Bitcoin ETF proposals due to a fear that the king of cryptocurrencies will be too easily manipulated and that this could be bad for the integrity of the crypto market.

However, public support for the Bitcoin ETF has been very strong. In fact, VanEck director, Gabor Gurbacs has reported that roughly 99 percent of all of the feedback from the public regarding his company’s proposed Bitcoin ETF was positive.

The SEC has invited the public to provide feedback regarding the Bitcoin ETFs that are currently under consideration for approval. Thousands of letters have been sent to the SEC from members of the public on the issue. The SEC will use these letters to gage public sentiment, which will help to influence its decision.

What will happen once the decision is made?

If the Bitcoin ETF is approved, it will almost certainly give the cryptocurrency markets a tremendous boost. An approved Bitcoin ETF would be perhaps Bitcoin’s most significant step forward yet toward mainstream adoption. However, if the ETF is rejected, then it could send the market tumbling down. The crypto market has been completely stagnant for much of the last month. But it looks set to take off in either one direction or the other.

Many people are comparing the Bitcoin ETF to the gold ETF. When the gold ETF was approved, the price of gold shot up 300 percent higher than its highest highs. If the same thing happens with Bitcoin, then the price of Bitcoin would reach roughly $60,000.

If the Bitcoin ETF is approved, then it could send a signal to institutional investors that Bitcoin is ready for serious investing. If the institutional investors start buying large quantities of Bitcoin, then there is really no telling how high its price could go. This is especially true considering the fact that Bitcoin becomes increasingly rare every single year.