Ever since Bitcoin had that incredible rally back in 2017, there has been a lot of talk among big-ticket investors to find a way to bring the cryptocurrency into the world of mainstream investing. It was around that time that the idea of Bitcoin-based exchange-traded funds (ETFs) was first floated. Ultimately, the Securities and Exchange Commission is responsible for allowing Bitcoin ETFs in the markets and on Monday, the agency was supposed to deliver its decision on three Bitcoin ETFs. However, to the disappointment of most in the crypto sphere, the SEC delayed the decision.
Key Details About Bitcoin ETF
Although this is something that had been in discussion among investment circles for some time, the concrete proposals were made to the SEC only earlier this year. Asset managers working with Wilshire Phoenix, Bitwise Asset Management, and VanEck/SolidX had proposed these ETFs. The three entities submitted their filings in February and then again June and from then on the SEC had a 240-day period within which it had to either approve or reject the creation of Bitcoin-based ETFs promoted by these three firms.
Although it is true that the whole thing has been delayed, for now, it needs to be remembered that the three ETFs have not yet been killed. It is merely a delay, and in fact, the final verdict with regards to the proposals from Bitwise Asset Management and VanEck/SolidX is expected by October 13 and October 15 respectively. The ETF decision for Wilshire Phoenix is going to be delivered on September 29.
These are highly important dates in the evolution of Bitcoin and the cryptocurrency formally coming into the mainstream investing ecosystem. The ultimate aim of many Bitcoin investors is to see the token attracting institutional investment, and if that happens, then the price of Bitcoin could eventually reach much higher levels.
Featured image: DepositPhotos © EdZbarzhyvetsky
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