Amid a recent court ruling mandating the SEC to re-evaluate Grayscale’s Bitcoin ETF proposal, global crypto influencers are actively speculating the probability of approval and its potential impact on Bitcoin’s price.
As several influencers declare it is a game-changer, others are indicating a near future with a six-figure Bitcoin price.
Price, Timeline and Uncertainties
Crypto influencers worldwide are predicting what the future holds for Bitcoin, after the court ordered that the United States Securities and Exchange Commission (SEC) decision to deny Grayscale Investments’ Bitcoin ETF product was not valid, and must be reassessed.
Following the August 29 court ruling, several crypto influencers made posts on X (formerly known as Twitter).
Miles Deutscher told his 356,000 followers that it is a game-changer. “This changes everything. Time to pay attention again,” Deutscher states.
Deutscher predicts that this now means the odds of other Bitcoin spot approvals have “significantly increased.”
Ivan on Tech declared to his 400,000 followers his confidence it will be approved and hints towards a six-figure Bitcoin price in the near future:
“Grayscale crushes SEC. ETF Inevitable. Bitcoin $100,000 LFG,” he declares.
Following the ruling, Bitcoin experienced a price gain of roughly 7.2%, reaching a peak of $28,000. As of the time of writing, Bitcoin’s current price is $27,592.
Host of the Bankless Show, Ryan Sean Adams declared it “huge news.” He even believes it could be as early as this year that it sees approval. “Resume the bull,” he states.
This leads to speculation about the future of Ark Invest’s Bitcoin ETF product. The SEC has repeatedly postponed providing an outcome. Recent reports suggest that the SEC could potentially extend that deadline until January 2024.
Recently, Cathie Wood, the CEO of Ark Invest, speculated that if SEC were to approve Bitcoin ETFs, it will do so in a single decision. “I think if the SEC is going to approve a Bitcoin ETF, it will approve more than one at once,” she declares.
Potential Alternative Objections
However, Bloomberg’s James Seyffart outlines two ways that the SEC can still stop Bitcoin ETFs from listing.
In a post to his 32,000 followers he states that the SEC would have to “revoke the listing of Bitcoin Futures ETFs.”
He explains that the most recent filing states that the SEC “can’t argue about manipulation of markets while allowing Bitcoin Futures ETFs.”
However, he thinks this is unlikely. He thinks it is more likely the SEC could bring up reasons for denying, it hasn’t brought up yet:
“I have been saying for months it could have to do with Custody or settlement of Bitcoin which is not something that futures ETFs have to worry about. SEC has made a lot of noise around custodians.”
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