Top Crypto Execs Confident SEC Will Approve Spot Bitcoin ETFs

[bbc.reporter]

Is the Bitcoin ETF storyline still alive or is this presently dying? It appears there are 2 top crypto executives who are trying to be positive, however, do they really know anything? Mike Novogratz has a Luna tatoo on his left arm and mama Cathie Wood has been making the wrong investment decisions since 2022.

Do they have real information that we do not know or is this a warning sign that they are desperate?



All eyes are on the Securities and Exchange Commission (SEC) as it mulls a number of applications for a spot Bitcoin exchange traded fund (ETF), and two leading names in crypto are now publicly predicting that the agency will eventually give them a green light.

Mike Novogratz, CEO of crypto investment manager Galaxy Digital, claimed this week that such a financial product will launch within the next four to six months, citing inside sources.

“Both of our contacts from the Invesco side and from the BlackRock side gets you to think that this is a question of when, not if,” he said during an earnings call on Tuesday, according to Bloomberg ETF analyst Eric Balchunas.

“I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once,” said Cathie Wood, CEO of ARK Investment Management, to Bloomberg on Monday. Wood’s own Ark21 Shares ETF is technically first in line for potential approval on August 13, though most analysts expect the SEC to postpone this approval date.

Read in full https://decrypt.co/151809/spot-bitcoin-etf-sec-approval-michael-novogratz-cathie-wood



Also, is the present pump on bitcoin caused by speculation on Ark's ETF application which is scheduled for approval on August 13?

[OcTradism]

“I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once,” said Cathie Wood, CEO of ARK Investment Management, to Bloomberg on Monday. Wood’s own Ark21 Shares ETF is technically first in line for potential approval on August 13, though most analysts expect the SEC to postpone this approval date.[/i]

SEC did not approve any Bitcoin Spot ETF because they did not want to do it or they had to reject approvals with pressure from Democrat party and White House.

I agree with Cathie Wood that when SEC approves a first Bitcoin Spot ETF, it will open a new gate, put a case as reference to approve more Bitcoin Spot ETF applications later. The first is always the most expected and most hardest application to be approved. Later applications and approvals after the first successful application will be more easily. Like a first Bitcoin exchange, a first Bitcoin Futures ETF ... already helped Bitcoin market and adoption a lot.

[adaseb]

Getting conflicting info here. The first Bitcoin etf decisions is at the end of the month. However Blackrock believes it will be 4-6 months until they are approved. So most likely they are betting on the etf being delayed until the end of the year.

There was some crypto framework that was put into place today and it hints at perhaps an etf approval is likely. However it’s all a guess. This move we had earlier looked organic however and maybe someone knew something ahead of time.

[Sim_card]

I don't think that bitcoin ETF will be approved so soon as Cathie Wood said or maybe they have an insider who is giving them some information about ETF approval. Definitely,once it is approved by SEC,this will be a great opportunity for bitcoiners and Blackrock since bitcoin price will pump very high and we might have a price above 100k in the next ATH and a win win for bitcoin and the adoption of bitcoin will increase. Everyone is waiting to hear the conclusion that SEC will come up with either a Yes or a No,but let's be positive on their final say on the approval of bitcoin ETF

[slaman29]

I guess it never dies because people keep posting about it? Remember in 2017 top banking and top crypto execs said the same thing about ETFs and guess what it's now 6 years later and they're saying the same thing.

Some of these guys make a living from selling quotes, so don't be too dependent on what they say. They're paid to do so

[Z390]

I guess it never dies because people keep posting about it? Remember in 2017 top banking and top crypto execs said the same thing about ETFs and guess what it's now 6 years later and they're saying the same thing.

Some of these guys make a living from selling quotes, so don't be too dependent on what they say. They're paid to do so

It could actually get approved one day, it's been a long time coming don't we think all? I believe the democratic party are against ETF approval for now but it's possible if the present president get replaced in coming year, if other candidates that are Bitcoin friendly gets to the position they can finally make it possible, this is what I am looking forward to, but for now I don't think it's going to be possible still.

[sesterceshop]

I believe that there is still a chance for it to be approved. It's not certain. The SEC has previously rejected Bitcoin ETF applications so there's no guarantee they will approve this one now. And I think there's a possibility that the approval of the Bitcoin Spot ETF might be delayed until the end of the year. It seems like they might want to observe how the crypto market performs in the months before making their decision.

However, overall I personally maintain a positive outlook. Eventually, they will be approved and will serve as a catalyst for the industry.

[Fivestar4everMVP]

I don't think that bitcoin ETF will be approved so soon as Cathie Wood said or maybe they have an insider who is giving them some information about ETF approval. Definitely,once it is approved by SEC,this will be a great opportunity for bitcoiners and Blackrock since bitcoin price will pump very high and we might have a price above 100k in the next ATH and a win win for bitcoin and the adoption of bitcoin will increase. Everyone is waiting to hear the conclusion that SEC will come up with either a Yes or a No,but let's be positive on their final say on the approval of bitcoin ETF

On the speculation whether bitcoin ETF will be approved or not, I was scrolling on this news channel on telegram i think yesterday, and found this news they posted, though without any source, but they information they shared is from an insider, check the screenshot below.

Though they did not say anything about the time the approval was going to happen, but i think I have to agree with you that it may likely not be approved on August 13th as claimed by Cathie Wood, if I should predict, the approval might extend to this year ending or possibly next year, so lets look forward to that and also continue to stay positive about it, like you said, the approval will be a great win for bitcoin and its investors, and could be the catalyst for the next bull run.

[Lucius]

All eyes are on the Securities and Exchange Commission (SEC) as it mulls a number of applications for a spot Bitcoin exchange traded fund (ETF), and two leading names in crypto are now publicly predicting that the agency will eventually give them a green light.

There are no leading names here, regardless of the fact that the media and people like you give them space and additional promotion. The people we're talking about here are just looking for a way to constantly be in the public eye to promote themselves and their companies, and their opinion about the ETF has no meaning or influence on the final decision.

Also, is the present pump on bitcoin caused by speculation on Ark's ETF application which is scheduled for approval on August 13?

What kind of pump are you talking about - 2% in 24 hours you call a pump? If anyone gets approval for that ETF, it will surely be the company that has the best connections with the US government, and it is certainly not some secondary company that reduces the value of the assets it manages by almost $35 billion in a year.

[Dave1]

I guess it never dies because people keep posting about it? Remember in 2017 top banking and top crypto execs said the same thing about ETFs and guess what it's now 6 years later and they're saying the same thing.

Some of these guys make a living from selling quotes, so don't be too dependent on what they say. They're paid to do so

yes, I do remember the hype on 2017 and everything related to bitcoin, not sure what happen to BAKKT though because it seems that time they are really that hype regarding bitcoin.

So it's an early speculation about this top crypto execs, for sure they have their narrative behind as to why they wanted a approval. For sure they can smell wall street money flowing in the crypto market and they will have a lot of clients for sure.

[Die_empty]

I don't think that bitcoin ETF will be approved so soon as Cathie Wood said or maybe they have an insider who is giving them some information about ETF approval. Definitely,once it is approved by SEC,this will be a great opportunity for bitcoiners and Blackrock since bitcoin price will pump very high and we might have a price above 100k in the next ATH and a win win for bitcoin and the adoption of bitcoin will increase. Everyone is waiting to hear the conclusion that SEC will come up with either a Yes or a No,but let's be positive on their final say on the approval of bitcoin ETF

I am also expecting to see the bitcoin price move to ATH. But I am also careful about these companies that are behind the application for bitcoin Spot ETF approvals. If they can cause the price to rise they can also make the price drop. I am happy that these applications and hopefully future approval will create more awareness and make bitcoin more popular but I am scared of putting too much power and influence in the hands of powerful corporations. These firms can be used as a manipulative tool of the government.

But I am also confident that bitcoin can gradually become independent and free itself from all these influences. It might take some time but you cannot put bitcoin in a box.

[Ale88]

Getting conflicting info here. The first Bitcoin etf decisions is at the end of the month. However Blackrock believes it will be 4-6 months until they are approved. So most likely they are betting on the etf being delayed until the end of the year.

I really don't see the surprise over here. In the past the SEC always delayed the decision as much as they could and at the end they just rejected the ETF, probably it was just a way to gain some time, they never actually had any intention of approving it in the first place. Now many things are changing and there are important funds behind these bitcoin ETFs so they can delay it again but at the end I think they will approve them. These companies want to make money, and if they waste time and resources for an ETF approval in case of denial they will want clear explanations, not just some stupid answer like they did with Coinbase.

[bbc.reporter]

I guess it never dies because people keep posting about it? Remember in 2017 top banking and top crypto execs said the same thing about ETFs and guess what it's now 6 years later and they're saying the same thing.

Some of these guys make a living from selling quotes, so don't be too dependent on what they say. They're paid to do so

It never dies because there are pending applications on it. My question was on the ETF storyline, if it is very much alive or dying. There was a small pump which has recently occured and I wanted to know if it might be the beginning of a much bigger pump based on if the ETF storyline is alive or dead. Also, it is another chance to laugh at the clown with the Luna tattoo ehehehee.

You might also be correct. It has been 6 years and uncle Gary might have never read the applications. It appears I was also correct in my first assessment. Cryptonews media are using old storylines from 2020 and 2021 to dump on us because they have nothing new to write.

[DapanasFruit]

I am sure that currently the pervasive thinking in SEC is to reject any ETF application as the agency is not really excited with it and it is looking at the whole crypto industry with a lot of disdain - in other words, SEC is not willing to work with the crypto industry so why bother approving an ETF? Now, having said that, let's see the kind of influence that Blackrock within the agency as we know how huge this outfit is and I know that they got enough connections everywhere that can push or pressure SEC to say yes finally. We are all waiting for its approval or eventual demise in the process...and somehow this can be influencing the movement of BTC in the market.

[Husires]

Bitcoin's rise after each halving is often accompanied by a big news that makes the bitcoin rise sharply, so the bitcoin halving big news may be an ETF, whether that is possible or not, but all the news at the present time is for media consumption, and when it is approved, the big difference will happen, which is something that if it does not happen, it will happen after the beginning of next year.

The current analyzes are to arouse the desires of the public, and it is often postponed on August 13, and the change of Bitcoin from the price of 28k to 29k is not linked to the Bitcoin ETF, which will inevitably lead to a price change of more than 50%.

The cost of removing that tattoo would be much less than the profits he made from promoting LUNA

[Baofeng]

I guess it never dies because people keep posting about it? Remember in 2017 top banking and top crypto execs said the same thing about ETFs and guess what it's now 6 years later and they're saying the same thing.

Some of these guys make a living from selling quotes, so don't be too dependent on what they say. They're paid to do so

It never dies because there are pending applications on it. My question was on the ETF storyline, if it is very much alive or dying. There was a small pump which has recently occured and I wanted to know if it might be the beginning of a much bigger pump based on if the ETF storyline is alive or dead. Also, it is another chance to laugh at the clown with the Luna tattoo ehehehee.

Or if there are pending applications, or if there are failed applications, they will just have to refiled it over and over again. So it's a game for those who filed and for SEC. Maybe there will be one day that SEC can see no flaw on the applications and will have to give in to the pressures of approval.

But I do agree that it has been years already or it could take years again for SEC to get this kind of approvals.

However, who knows on the next election, maybe if the next sitting government will be a pro-crypto then we might see this approval very soon.

[slaman29]

It never dies because there are pending applications on it. My question was on the ETF storyline, if it is very much alive or dying. There was a small pump which has recently occured and I wanted to know if it might be the beginning of a much bigger pump based on if the ETF storyline is alive or dead. Also, it is another chance to laugh at the clown with the Luna tattoo ehehehee.

I didn't misunderstand I was referring exactly to the ETF storyline, hence why I referred to 2017 which was the start of the storyline. It should have died many times but media and people seem to think it's still worthy of ressurection lol

I promise you, just as with every ETF application or storyline, there will be no big pump after approval

[Lucius]

~snip~
I promise you, just as with every ETF application or storyline, there will be no big pump after approval

I wouldn't bet that something like that won't happen, because companies that want spot BTC ETF are not amateurs who go into something without doing everything possible to succeed. I am primarily thinking of BlackRock and Fidelity, but also of many other smaller companies that are waiting for their opportunity in this business. In the event that the SEC approves such an ETF, the media will certainly do their job, and those companies will certainly allocate some funds to promote this way of investing in Bitcoin even more.

Talks about BTC ETF are one thing, and even approval for futures ETF - and spot ETF is something completely different, because in the event that investor interest is high, it means that demand will probably exceed supply.

[avikz]

I strongly believe that SEC will eventually approve bitcoin ETF. It may not happen today or tomorrow but surely in the future. The way SEC and FBI is moving against the actual Bitcoin and other cryptos, they will have to make some alternatives available in the market before banning the actual assets. ETFs are usually not settled physically so they will eliminate the crypto risk from the economy and also provide an option for the investors to enjoy the price changes of Bitcoin.

[Captain Corporate]

These people have absolutely no idea whats going to happen and they have as much information as we do, they are not going to know anything more than we do and if you trust them and make a decision based on what they say, then you are going to be let down. Just look at the tattoo and you will understand what I mean. Whatever you do, always check the information news, not speculation news, some of the news would be more like "FED has increased the interest rates x point more" and that's information, thats data and you should be considering that important, and some of them will be like "warren buffet said bitcoin is a scam", and thats not information, thats opinion, ignore those.