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Marathon Digital CEO Fred Thiel stays optimistic that the U.S. Securities and Trade Fee (SEC) will approve a spot Bitcoin exchange-traded fund (ETF).
“I do not find out about giving out odds on one thing like this as a result of the truth that Larry Fink and BlackRock are even attempting to do that would say that they’ve a fairly excessive diploma of certainty that they will get it by way of,” Thiel advised Decrypt.
There are presently about half a dozen purposes for the launch of a spot Bitcoin ETF, which might observe the worth of Bitcoin (BTC) instantly, relatively than following futures contracts or different derivatives. This could make it simpler for traders to get publicity to Bitcoin with out having to purchase and retailer the cryptocurrency themselves.
Among the many Bitcoin ETF hopefuls are BlackRock, the world’s largest asset supervisor with over $9 trillion in property beneath administration as of Q2 2023, in addition to different distinguished gamers, together with Knowledge Tree, VanEck, and Constancy, amongst others.
“I believe what is for certain is that if one will get authorised, a variety of them will get authorised,” mentioned Thiel. “That does not imply all of them will get authorised, however a variety of them will get authorised. I do not suppose the SEC can play favorites and select only one.”
The Marathon CEO added that it seems the SEC goes to approve an Ethereum futures ETF, “which, in the event that they do, simply will increase the chances that they might doubtlessly approve a spot Bitcoin ETF.”
“I am pretty bullish personally. I believe that odds that the SEC will approve it are higher than fifty-fifty,” Thiel advised Decrypt.
SEC wants ‘optimistic outcomes,’ says Thiel
Based on Thiel, the extent of institutional curiosity that exists at present wouldn’t be there if the corporations searching for to launch a Bitcoin ETF did not really feel it was potential.
Citing the case of the Prometheum alternate, a little-known crypto agency that raised eyebrows after the SEC surprisingly authorised it as Particular Function Dealer-Supplier (SPBD) for digital asset securities, in addition to Ripple partially profitable the lawsuit filed by the company in December 2020, Thiel mentioned that the regulator is now beneath elevated strain from the Congress.
“I believe the SEC must have some optimistic outcomes right here, or else they’re simply going to be beneath much more strain,” Thiel advised Decrypt.
The SEC “must have the Coinbase case settled, in order that they will not less than say that they did not lose it.” And primarily based on how the Ripple case up to now has gone, “the chances are the Coinbase case would possible go in opposition to them,” he advised Decrypt.
Nonetheless, American traders nonetheless await any optimistic selections from the SEC, with the current delay on the ARK 21Shares Bitcoin ETF software including extra frustration.
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