Companies like Gemini, Fidelity, and WisdomTree have submitted as many as 30 spot Bitcoin ETF applications to the SEC over the last decade, and all have been denied.
That’s how much money is thought to be under management by US financial advisors who would be interested in buying shares of a regulated ETF that provides exposure to the leading cryptocurrency.
The analyst said that a spot Bitcoin ETF might connect the Bitcoin market to a substantial amount of money in an interview with Cointelegraph. Balchunas said that financial advisers and elderly investors are more comfortable having their assets supplied in ETF format, making the approval of a spot Bitcoin ETF in the United States significant because of this.
Boomers and their financial advisers like having their money distributed in ETF form. The SEC’s pending decision on a spot Bitcoin ETF is a hot topic in certain crypto investing circles. Companies like Gemini, Fidelity, and WisdomTree, among others, have submitted as many as 30 applications for spot Bitcoin ETFs over the previous decade, all of which have been denied by the regulator.
He continued by saying that other choices will be made in March or April. If spot Bitcoin ETFs are ever legalised, they would “crush the futures ETFs and assets.” He continued by saying that in his opinion, it would only be a matter of time until cryptocurrency ETFs were on par with gold ETFs.