Until the end of the year, the US authorities may agree to approve a product focused on Bitcoin. If crypto ETFs appear in the country, institutional investors will have another channel to access the digital asset market.
The rise in the value of BTC will be one of the drivers stimulating the Securities and Exchange Commission (SEC) to approve ETFs.
The value of the leading cryptocurrency is steadily increasing this week. The Bitcoin price on Thursday, October 7, has tried to gain a foothold above $ 55,000 for the first time in several months.
Now the coin is trading at $54,850. The capitalization of the crypto has once again exceeded $1 trillion, and calls for the speedy legalization of Bitcoin products in the United States have become more frequent. According to Bloomberg strategist Mike McGlone, in October the SEC may decide to approve the first applications for the launch of a Bitcoin ETF.
Another Bloomberg analyst, Eric Balchunas, believes the likelihood of launching such a product in the US in the fourth quarter is 75%.
The head of the SEC Gary Gensler is in favor of the approval of futures for Bitcoin ETF. In his opinion, investing in future asset prices is a safer tool for institutions to enter the crypto sphere.