Bitcoin has gained tremendous attention from the mainstream public. Some prominent figures have come forward as advocates, advocating a more pronounced public adoption of cryptocurrency.
Bitcoin ETFs to decrease risk
While many people have added BTC to their wallets, some InvestorsAs attractive as the bullish asset patterns have been, they are skeptical of direct currency trading due to several concerns. For these investors, a Bitcoin ETF is the real remedy.
However, US investors have not been lucky to adopt an ETF of this type ever since the asset was revealed; this is due to the fact that attempts to launch them have been a complete fiasco.
Fortunately, several indicators indicate that it won't be long before we see Bitcoin ETFs flooding the American financial space.
For one of them, the US Securities and Exchange Commission proceeded with its review. This is WisdomTree Bitcoin ETF. Shortly after he indicated it, through a press release, he began his evaluation.
This brings the number of ETF applications filed on the SEC table to eight. Two - VanEck's Bitcoin ETF and the recently filed Bitcoin WisdomTree ETF - currently under review.
The US must get busy!
Before now, the SEC had rejected several requests, in part due to strict market policies that by nature view digital assets as alien ideas. Nonetheless, with more flexibility in the system and newer and more favorable legislation, there is reason to believe that these new requests will be viewed favorably.
Another factor that spurs optimism is the appointment of a new SEC president. Recently, the SEC's positions on various cryptocurrency issues have been met with harsh criticism.
With Gary Gensler confirmed as the new SEC chairman on April 12, the public - especially cryptocurrency advocates - are hoping for more favorable decisions. Especially with regard to digital assets, above all, also in the area of Bitcoin ETF review. SEC commissioner Hester Peirce noted that he doesn't know if the SEC will begin approving BTC ETFs. However, it is true that the SEC is in a transition period. This could potentially bring a breath of fresh air to the cryptocurrency world.
In conclusion, one of the main reasons to believe that the US is closer than ever to having its first Bitcoin ETF is the concern of having new cryptocurrency-related innovations coming out of the country to thrive. And also to be behind other nations in terms of regulations and adoption of cryptocurrencies.
With other countries like Canada and Brazil approving Bitcoin ETFs and setting more positive policies for cryptocurrencies, the US is likely to take the first steps in the same direction in trying to anticipate their moves.
