Among rising anticipations for Bitcoin exchange-traded funds (ETFs), Grayscale Investments – currently entangled in a legal fracas with the U.S. Securities and Exchange Commission (SEC) over their ETF proposal – has heartily advocated for an equitable approval process. The firm asserts that simultaneous acceptance of all spot bitcoin ETF applications is crucial in ensuring uniform treatment, disallowing any ‘unjust first-mover advantage’.
The importance of equal treatment becomes evident when considering the line-up of heavyweights in the ETF application league. The pacesetters, including Ark 21 Shares, Invesco Galaxy, iShares (BlackRock), Valkyrie, VanEck, WisdomTree, and Wise Origin (Fidelity), greatly magnify the implications of preferential ETF approval. A landslide advantage is to be expected if their proposals receive the green light ahead of others, a scenario that Grayscale argues to be improper and prejudiced.
Meanwhile, the digital asset industry continues to reflect the global financial ecosystem’s delicate balance. Government bond yields in the U.S. and Japan witnessed an upward trend, triggering after the Bank of Japan (BOJ) administered a minor hawkish correction to its liquidity-enhancing bond-buying program. Bitcoin’s steadfast position above $29,000 during these fluctuations is undeniably impressive, feeding into predictions of its growing value.
Mark Yusko, the founder and CEO of Morgan Creek Capital Management, recently headlined the prediction charts with his ambitious projection of Bitcoin’s valuation reaching $300,000 by 2028. Drawing parallels between Bitcoin and gold, Yusko emphasized the digital asset’s edge in terms of portability and divisibility, leading to its potential outpacing of the precious metal’s valuation, and hence an exponential leap in Bitcoin’s value.
Against this vibrant backdrop, Ether’s December call options show an increased demand at $2,400 and $2,500 strikes, reaffirming the inherent bullish outlook of call buyers towards the market.
Despite the SEC standing on the crossroads of the ETF upheaval, they continue to be the deciding factor on whether or not the crypto world will witness this highly-anticipated ‘equal opportunity’ progression. While the ongoing regulatory pressures and legal challenges seem daunting, the hope for an optimistic shift still shines bright in the crypto community. The impending decision’s consequences, however way they swing, will indubitably ripple through the financial sector, creating waves of change in the regulatory landscape.
Source: Coindesk
