JAKARTA - Crypto analysts have expressed their optimism about the possible approval of the Exchange-Trad Fund (ETF) Bitcoin spot, which is expected to have a major impact on the crypto market ecosystem. Along with that, developments in the lawsuit involving Grayscale could also be an important guide for the regulation of the Bitcoin spot ETF in the United States.
Previously, JP Morgan analyzed that the US Securities and Exchange Commission (SEC) might be forced to approve Grayscale's Bitcoin ETF proposal to become a spot ETF. However, it is still a big question which company will submit the proposal, such as Blackrock, Ark Investment, or Fidelity Bitwise.
The crypto community sees the approval of the ETF as an opportunity to channel large amounts into the digital asset market. A Bitcoin investor, Lark Davis, predicts that if the ETF is approved, the amount of cash around 20 to 30 billion US dollars (around Rp304 to Rp457 trillion) could flow into Bitcoin. To provide an overview, this could represent about half of the total Bitcoin in today's crypto exchanges.
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Bitcoin Bisa Bullish Secara Tiba-tiba Menurut Data Terbaru dari IntoTheBlock
04 September 2023, 12:03
Bitcoin ETF Will Work?
The concept of ETF supported by other assets has proven successful in the United States before. For example, the launch of the SPDR Gold Trust ETF (GLD), supported by gold, in November 2004, proved successful. After the launch of this ETF, the price of gold has continued to rise over the years. The question now is, will Bitcoin follow a similar trend after the approval of the Bitcoin ETF?
Based on estimates, the fresh flow of funds from this potential Bitcoin ETF approval could trigger a Bitcoin price increase of 50% from the current price. Michael Saylor, co-founder of MicroStrategy and Bitcoin supporter, continues to maintain his confidence in this asset.
MicroStrategy juga berencana untuk terus membeli Bitcoin, memperkuat posisinya sebagai pemegang Bitcoin institusi terbesar. Dengan berbagai berbagai potensi manfaat ini, dunia kripto dengan enthusiastically menantikan keputusan SEC yang akan datang.
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