Bitcoin Futures ETF Likely To Be Approved In October: Analyst says.
Bloomberg analyst Eric Balchunas believes the SEC is likely to approve the long-term Bitcoin ETF soon, and it may be launched soon in October.
What happened: during a series of tweets, Eric said the recent Ethereum exchange (CRYPTO: ETH) by VanEck and ProShares is a sure sign for the future of Bitcoin (CRYPTO: BTC) and could soon be approved by the US Securities and Exchange Commission (SEC).
Eric was involved in a media release by ETF analyst James Seyffart.
In another tweet, Eric said, "We think Ether's withdrawal shows that the SEC is in the middle of this and is always in contact with suppliers which should mean that any kinks are collected starting 75 days after installation., Bitcoin IMF ProFunds introduced 77 days after it was installed. This is probably the same thing. "
Eric says the most likely ETF to be introduced is the one installed by ProShares.
However, he adds that the company should avoid the initial profit margin here.
Why Important: Earlier this month, Karen Smith of the Blockchain Association had said the SEC had not approved a single Bitcoin ETF application so far, and it would not happen soon.
Smith said until SEC Chairman Gary Gensler sees a certain state of affairs in place, it is unlikely that the Bitcoin ETF will be approved internally in the country.
Industry experts believe that of all organizations that have applied for the Bitcoin ETF, Grayscale Investments (OTCMKTS: GBTC) has an easy chance of getting its application approved.
