Bloomberg ETF Experts Predict 75% Chance for Spot Bitcoin ETF Launch in 2023

According to Bloomberg’s ETF experts, there is a 75% likelihood of a spot Bitcoin ETF being launched in 2023. This prediction is based on the increasing interest and demand for cryptocurrency investment options. With a spot Bitcoin ETF, investors can gain exposure to the digital currency without owning it directly, potentially leading to wider adoption of Bitcoin in traditional finance. Stay updated on the latest developments in the cryptocurrency market and potential investment opportunities.

Will the US Have a Spot Bitcoin ETF by the End of 2023?

According to two Bloomberg exchange-traded fund (ETF) analysts, Eric Balchunas and James Seyffart, there is a 75% chance that the United States will have a spot Bitcoin ETF by the end of 2023, following Grayscale’s win against the US Securities and Exchange Commission (SEC). While the SEC has approved future-based Bitcoin ETFs, it has not yet green-lighted any spot Bitcoin ETF application.

Balchunas and Seyffart have increased their prediction concerning the launch of a potential spot Bitcoin ETF in the US. They believe that there is a 75% possibility that American crypto investors will see the country’s first spot BTC ETF in 2023. They also stated that it is “almost a done deal” that such a product will launch by the end of 2024.

In their previous prediction of 65% odds, they factored in Grayscale’s win. However, the recent ruling by the US Court of Appeals for the District Court of Columbia Circuit was beyond expectations and leaves the SEC with “very little wiggle room.”

The positive sentiment expressed by Balchunas and Seyffart comes after Grayscale’s major victory against the SEC. The court ruling described the SEC’s rejection of Grayscale’s application as “arbitrary and capricious.” Grayscale filed a lawsuit arguing that the regulator was being discriminatory by approving Bitcoin futures ETFs but denying spot BTC ETFs.

Expert Expectations Regarding the SEC’s Decision

While the recent court ruling does not automatically guarantee the approval of Grayscale’s application, many expect a spot Bitcoin ETF approval to happen soon. Several filings, including applications from Bitwise, BlackRock, WisdomTree, Invesco, and VanECK, are awaiting the SEC’s decision in early September.

Bloomberg Intelligence previously predicted that a spot Bitcoin ETF could launch before September 4th. However, Balchunas mentioned that the SEC might delay its decision in light of the recent court ruling. Nonetheless, approval could occur at any time.

Balchunas also noted that the SEC suffered a public relations loss in addition to its legal defeat. The extensive coverage of Grayscale’s unanimous victory in mainstream media by major outlets such as the Wall Street Journal, CNN, and the New York Times, is said to make denial politically untenable for the SEC.

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