Will Bitcoin rise in 2024?
Grayscale recently scored a major courtroom victory over the U.S. Securities and Exchange Commission for a crypto spot ETF. The victory comes on the heels of the SEC repeatedly rejecting spot bitcoin ETFs in recent years, as the agency has balked at the idea of an ETF that directly holds crypto itself rather than just crypto futures contracts.In its rejections, the SEC has cited concerns over investor safety and potential manipulation of the cryptocurrency market. But now it seems increasingly likely that the first batch of spot bitcoin ETFs will trade on a major U.S. exchange in 2024.
Grayscale is one of many applicants seeking approval to launch spot bitcoin ETFs, including BlackRock, VanEck, WisdomTree, Fidelity, Bitwise and Invesco. Bitcoin bulls say an SEC-approved spot bitcoin ETF would make it easier for institutional and retail investors to access bitcoin, potentially opening the floodgates for cryptocurrency to become a mainstream asset class. “Bitcoin ETFs will create much greater access to bitcoin for a wider array of retail and institutional investors, providing an opportunity for exposure to the digital asset,” said Zac Townsend, co-founder and CEO of Meanwhile. “A spot bitcoin ETF — as a more traditionally accepted investment vehicle — would represent a means for any investor to incorporate bitcoin into their diversified portfolio.”
