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TL;DR
Friday was the ultimate date the SEC needed to make their choice on ARK Make investments’s ARK 21Shares Bitcoin spot ETF software.
However as an alternative of creating a last choice, as an alternative they mentioned they wanted extra time earlier than approving, or scrapping, the applying.
Whereas it wasn’t the end result we had been hoping for, it isn’t the worst case state of affairs both. Now, again to the ready sport.
Full Story
Image this:
You scored Taylor Swift tickets.
You could have your outfit all able to go.
You’ve got been ready months for this live performance.
Then the magical day lastly comes and…
The live performance is postponed.
that feeling of frustration, combined with disappointment, but in addition a type of deranged happiness that it’s a must to do ‘the wait’ yet again?
That is how we’re feeling at the moment.
As a result of Friday was our equal of most individuals’s ‘Taylor Swift Eras Tour.’
It was the ultimate date the SEC needed to make their choice on ARK Make investments’s ARK 21Shares Bitcoin spot ETF software.
However as an alternative of creating a last choice, as an alternative they mentioned they wanted extra time earlier than approving, or scrapping, the applying.
We have written about BTC ETFs a couple of instances just lately (like right here and right here).
If you do not have time to learn these articles 👆…
This is why we’re a bit bummed about this postponement:
When (not ‘if,’ in our humble opinion) a BTC spot ETF is authorised within the US, it is prone to carry a flurry of institutional funding into the house. Establishments have massive {dollars}, and extra demand is prone to end in a rise in BTC’s worth.
A spot ETF (like ‘ARKB’ that has been proposed) goes to make it simpler than ever to spend money on BTC (kind of) with out all the trouble of studying about wallets and safety.
The approval of a BTC spot ETF would actually legitimize the Web3 house. It could result in extra BTC spot ETFs (and perhaps even different cryptocurrencies too).
Whereas it wasn’t the end result we had been hoping for, it isn’t the worst case state of affairs both.
Now, again to the ready sport.
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