According to reports and an analysis, approval of a Bitcoin spot ETF by the U.S. SEC could push the price of Bitcoin to $141,000.
BitGo CEO Mike Belshe said the approval of a Bitcoin exchange-traded fund (ETF) in the United States is nearing, but there may still be setbacks along the way.
Belshe expressed optimism based on discussions between firms seeking ETF approval and the U.S. Securities and Exchange Commission (SEC). However, he emphasized that the market structure needs improvement before the SEC grants final approval.
Belshe also highlighted the SEC’s requirement to separate crypto exchanges from custodians as a condition for approval. He referred to the recent surge in fees on the Bitcoin blockchain, which was attributed to the excitement surrounding the potential approval of a spot Bitcoin ETF.
Currently, there are 12 asset management firms awaiting outcomes for their Bitcoin ETF applications, and Bloomberg analyst James Seyffart predicts a 90% chance of approvals by January 10, 2024.
Source: Cointelegraph
