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October 9, 2023

Are We on the Brink of a Bitcoin ETF Approval?

October 9, 2023

Could we see a Bitcoin Spot ETF within the next 6 months? 

That is the question on the tip of everyone’s tongue as we start the new week and according to two former managing directors at BlackRock, the chances are extremely high.

Meanwhile, the highly influential Joe Rogan set the crypto community ablaze over the weekend after speculating that Bitcoin had the greatest chance of becoming the go-to universal currency.

Elsewhere, as the dust settles on 3 month-high XRP prices, we look back at what was another massive victory for Ripple Labs in its case against the SEC  – but more on that a little later.

Let’s dive in.

Could we see a Bitcoin ETF within 6 months?

In a panel discussion at CCData’s Digital Asset Summit in London, two former managing directors at BlackRock shared their optimism about the United States Securities and Exchange Commission green-lighting a Bitcoin spot exchange-traded fund in the near future. 

Steven Schoenfield, currently the CEO of MarketVector Indexes, confidently asserted that we could see SEC approval within the next “three to six months.”

Schoenfield’s prediction was seconded by Martin Bednall, the current CEO of Jacobi Asset Management, who suggested that the SEC might approve all pending ETF applications simultaneously to avoid granting any one applicant a first-mover advantage.

According to the pair, this bullish sentiment comes as the SEC has taken a different approach to handling ETF applications. 

Rather than outright rejection, they have initiated a dialogue by soliciting stakeholder comments, signaling a more favorable stance towards the industry. 

Additionally, the recent loss in the Grayscale lawsuit implies a likelihood that the Grayscale Bitcoin Trust may soon be converted into an ETF.

However, the big spotlight shines on BlackRock, a heavyweight in traditional finance with $9.42 trillion in assets under management. 

It has become the frontrunner in securing approval for a Bitcoin spot ETF as the company boasts an impressive track record of 575-1 in successfully navigating ETFs through the SEC approval process.

During the panel discussion at CCData’s event, Bednall emphasized that BlackRock’s formidable brand and resources would provide them with a substantial first-mover advantage in the event of SEC approval. 

Schoenfield went on to speculate about the potential impact of SEC approval, foreseeing an influx of “$150 to $200 billion” into Bitcoin investment products over three years, potentially doubling or tripling the current AUM in Bitcoin products.

Such optimism from one of the world’s largest asset managers still comes as a shock to many within the cryptocurrency community as the company has not always been in favor of digital assets.

Larry Fink, BlackRock’s CEO, once dismissed Bitcoin as an “index of money laundering” back in 2017. But, with the submission of a spot ETF, Fink has since appeared on several news outlets acknowledging that Bitcoin is “digitizing gold in many ways.”

Tweet depicting a screengrab from CCData’s Digital Asset Summit in London
Tweet depicting a screengrab from CCData’s Digital Asset Summit in London


Joe Rogan’s bold Bitcoin prediction

In a recent episode of the renowned Joe Rogan Experience podcast, the influential podcaster and commentator, Joe Rogan, voiced his unwavering optimism about Bitcoin’s potential to transform into a universal currency. 

Rogan went as far as labeling Bitcoin as the most intriguing cryptocurrency, citing its exceptional chances of becoming universally adopted.

Tweet depicting a screengrab from Joe Rogan’s most recent podcast where he shares his views on Bitcoin
Tweet depicting a screengrab from Joe Rogan’s most recent podcast where he shares his views on Bitcoin

During the engaging conversation with Sam Altman, the visionary founder of OpenAI, Rogan asserted, “That’s the one that has the most likely possibility of becoming a universal viable currency.”

“What truly fascinates me,” Rogan continued, “is its inherent scarcity. The fact that there’s a limit to the number of Bitcoins that can ever exist and that people can mine them is truly captivating.”

Rogan further emphasized the remarkable individuals who have fully embraced Bitcoin as a way of life. 

He singled out Andreas Antonopoulos, a tech entrepreneur hailing from Greece, as a prime example of someone who seamlessly integrates Bitcoin into their daily routine.

“When he talks about it, he’s living it,” Rogan enthused. “Everything he pays for is in Bitcoin, he pays his rent in Bitcoin, everything he does is in Bitcoin.”

Joe Rogan’s conviction regarding Bitcoin’s potential as a universal currency reflects the wider sentiment in the financial world. 

Bitcoin, often regarded as the pioneer of the cryptocurrency realm, has consistently fascinated the financial industry since its inception. Notably, it has become increasingly evident that a select few entities and individuals hold substantial influence over this digital treasure.

As a testament to the growing recognition of Bitcoin’s significance, Joe Rogan himself entered into a groundbreaking deal a few years ago, where he received a payment of $100,000 in Bitcoin. 

This notable podcast interview underscores Bitcoin’s increasing integration into mainstream finance and its potential to reshape the future of global currency.

Although potentially uncorrelated, on the day that the podcast was released, the price of Bitcoin climbed 2% over 24 hours. 

For the upcoming week, eyes remain fixated on the 200-week and 200-day moving averages that Bitcoin needs to close above before moving higher.

200 Week Moving Average Heatmap Via Lookintobitcoin
200 Week Moving Average Heatmap Via Lookintobitcoin


XRP presses 3-month highs after SEC appeal is rejected

XRP pressed toward 3-month highs last week as a federal judge decided to reject the US Securities and Exchange Commission’s bid to appeal her prior verdict concerning Ripple Labs. 

The legal battle between Ripple Labs and the SEC, which has been closely monitored by the crypto community, has seen multiple twists and turns throughout the last two years.

However, one of the most significant occurred on July 13, when US District Judge Analisa Torres concluded that the sale of the XRP digital token on public exchanges did not constitute an illegally unregistered securities offering. 

A huge win for Ripple Labs and the XRP army.

At the time, the judge stated that buyers did not have a reasonable expectation of profit based on Ripple’s actions, effectively vindicating the company of an illegal securities sale.

Shortly after the decision was made, the SEC placed an appeal in the hope that the decision would be overturned.

However, last week, the US District Court Judge Analisa Torres affirmed her earlier decision and denied the SEC appeal.

Adding to the positive momentum, Ripple also announced on Wednesday that its Singapore subsidiary has secured a full payments license, allowing it to operate in the city-state with regulatory approval. 

This significant achievement was made possible through a license granted by the Monetary Authority of Singapore, enabling Ripple Markets APAC to provide regulated digital payment token services in Singapore.

The company also emphasized its commitment to prioritizing the Asia Pacific region for the adoption of its crypto-enabled payment solutions, underscoring the growing importance of the cryptocurrency industry in the global financial landscape.

Tweet from Ripple Labs announcing the procurement of a full payments license in Singapore
Tweet from Ripple Labs announcing the procurement of a full payments license in Singapore


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