Bitcoin

Gary

Spot

Trillion

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 <li>A Bloomberg analyst has predicted $30 trillion in capital will enter the market if the SEC approves its first Bitcoin spot ETF.</li> 
 <li>A former U.S. regulator has stated that the approval of the recent Bitcoin spot ETFs will be hard to resist.</li> 
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 All eyes are on the U.S. Securities and Exchange Commission (SEC) on whether after years of rejection, the regulator will finally approve the first Bitcoin spot ETF. In the case of approval, Bloomberg ETF analyst Eric Balchunas predicts that $30 trillion worth of capital could make its way into the Bitcoin market. This is 30 times the current total market value of the cryptocurrency market which stands at $1.19 trillion at the time of press. 
 The $30 trillion capital is the current estimated amount of assets controlled by U.S. financial advisors. Experts have revealed that a majority of them are interested in Bitcoin and other digital assets but are cautious of the emerging technology largely to its unregulated status. If the asset is offered through a regulated exchange-traded fund, a lot of investment will flow into it. 
 Speaking to a news outlet, Balchunas explained that ETF is the format in which the boomers and the financial advisors prefer to invest through. This is clear after the latest Bitcoin spot ETF filings from major financial institutions. The most prominent is from the world’s largest asset manager, BlackRock. According to the analyst, the involvement of the firm is a key step. Specifically, it has improved the chances of approval from 1 percent to 50 percent. 
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 They’re very smart and they don’t just throw filings out willy nilly, 
 They clearly see something out there that they think they can get through the regulators 
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 The same sentiments are shared by ex-SEC boss Jay Clayton. Clayton says that it could be “hard to resist” for the U.S. regulator after the involvement of BlackRock and other major financial institutions. The expert highlighted the evolution of the industry over the years and the involvement of financial experts. 
 “When you see institutions that are experts in market knowledge stepping forward and vouching for it, that’s truly noteworthy,” he <a href="https://www.benzinga.com/markets/cryptocurrency/23/07/33172061/ex-sec-boss-clayton-says-a-bitcoin-etf-could-be-hard-to-resist-for-u-s-agency" target="_blank" rel="noopener noreferrer nofollow">explained</a>. 
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 What these institutions are contending is that the old distinctions are no longer applicable, and the spot product is now more efficient and less burdensome for investors 
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 Furthermore, there’s a lot of backlash from investors and lawmakers on the way the SEC has been treating crypto firms in the U.S. An approval could win the agency and its chain Gary Gensler approval. 
 As CNF reported, BlackRock is not the only institution that has filed for an ETF, other recent filings include Microstrategy, WisdomTree, and Fidelity. 
 If the SEC finally approves the first Bitcoin spot ETF in the near future, this will lead to unprecedented demand and could drive Bitcoin way above the previous high of $64,000 reached in 2021. One of the primary targets once the previous ATH is broken is $100,000. This will further be boosted by the upcoming 2024 Bitcoin halving that has historically led to a price surge.
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BlackRock Bitcoin Spot ETF To Attract $30 Trillion Worth of Wealth – Will This Push BTC Over $100K?

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