In the aftermath of a court ruling demanding a fresh evaluation of Grayscale’s Bitcoin ETF proposal, the global crypto community finds itself abuzz with speculation. As the SEC faces the task of re-evaluating its previous denial, crypto influencers worldwide are offering their insights on potential approval and its potential impact on Bitcoin’s price trajectory.
The recent court verdict, delivered on August 29, has ignited a firestorm of opinions on social media, particularly on the rejuvenated X platform (formerly Twitter). Among the voices contributing to the discourse is Miles Deutscher, who commands a following of 356,000. With conviction, he labels this development a “game-changer,” signaling that it’s time for renewed attention. Deutscher boldly predicts a higher likelihood of approvals for other Bitcoin spot ventures.
Ivan on Tech, boasting 400,000 followers, is even more bullish in his stance. Confident that Grayscale’s product will get the green light, he tantalizingly hints at a near-future scenario of a six-figure Bitcoin price, exclaiming, “Grayscale crushes SEC. ETF Inevitable. Bitcoin $100,000 LFG.”
This seismic event hasn’t gone unnoticed in the markets either. Following the ruling, Bitcoin experienced a surge of approximately 7.2%, briefly reaching a peak of $28,000. While the dust settles, Bitcoin is currently valued at $27,592.
Ryan Sean Adams, the charismatic host of the Bankless Show, describes the court ruling as “huge news” and doesn’t rule out the possibility of the ETF’s approval as early as this year. His optimistic declaration, “Resume the bull,” captures the sentiment shared by many in the crypto space.
However, the spotlight doesn’t only shine on Grayscale. Speculation now extends to Ark Invest’s Bitcoin ETF product. While the SEC continues to delay its decision, there are suggestions that this timeline could stretch until January 2024. Notably, Cathie Wood, the CEO of Ark Invest, envisions a scenario where the SEC approves multiple Bitcoin ETFs simultaneously, underlining the potential magnitude of this impending move.
Yet, a note of caution is introduced by Bloomberg’s James Seyffart, who elucidates the SEC’s potential courses of action to impede Bitcoin ETF listings. With a following of 32,000, he highlights the possibility that the SEC might revoke the listing of Bitcoin Futures ETFs, while simultaneously raising the specter of new reasons for denial, potentially related to custody or settlement of Bitcoin. These factors, he emphasizes, remain distinct concerns for the SEC in their regulatory approach.
As the crypto world holds its breath, the renewed optimism and spirited discussions paint a vivid picture of a future where Bitcoin ETFs may become a reality, ultimately reshaping the course of the cryptocurrency landscape.
