Bitcoin Price Soars Above IDR 728 Million, This Is The Cause!

Bitcoin has experienced a significant price increase since last night. (Photo; Doc. Pexels)

JAKARTA Digital assets created by Satoshi Nakamoto, Bitcoin (BTC) have attracted public attention in recent years. Bitcoin has the opportunity to become a legal investment product. This is because the US Securities and Exchange Commission (SEC) is expected to soon approve several bitcoin spot exchange funds (ETF) applications this week.

This news makes the price of BTC soar to pass $47,000 (Rp728 million). With the ETF bitcoin spot, investors can buy and sell bitcoins more easily and cheaply. Investors don't have to own or store their own bitcoins.

Currently, there are 10 Bitcoin spot ETF registrants waiting for the SEC's decision, namely Ark Invest, 21shares, Bitwise, Fidelity, Galaxy Digital, Grayscale, Kryptoin, NYDIG, Valkyrie, and WisdomTree. These ten registrants have submitted their final amendments to the SEC on Monday, according to the deadline set by the regulator.

According to a CNBC report, the SEC is likely to announce its decision regarding the approval of the bitcoin spot ETF on Wednesday this week. Kate Rooney, a CNBC reporter, cited two sources close to the process.

"ETF Bitcoin is now widely expected to get the green light this week. Two sources close to this process let me know that it appears Wednesday... the SEC is expected to agree on several proposals at once," Kate Rooney said.

Not only that, he also mentioned that Wednesday, January 10 is a time limit for the bitcoin spot ETF proposed by Cathie Wood and 21shares' Ark Invest. If approval occurs, the bitcoin spot ETF trading is expected to start on Thursday or Friday.

One of the optimistic Bitcoin ETF registrants is Blackrock, the world's largest asset manager. Blackrock expects the SEC to approve its Bitcoin Trust Ishares on Wednesday. Blackrock has also listed its Trust as a securities with the SEC on Monday afternoon. Blackrock is rumored to have prepared more than $2 billion (IDR 31 trillion) for its bitcoin spot ETF launch.

Former SEC chairman Jay Clayton also believes that the SEC will approve the spot bitcoin ETF. He said on CNBC on Monday: "I think approval is inevitable, and I think there's nothing left to decide."