(ThePennyWatcher.com) – The SEC has approved Bitcoin ETFs, the first of it’s kind in the ever evolving cryptocurrency game. Bitcoin has come back alive and steady as of late since it’s plunge last year, and this latest news is huge for those bullish on it’s trajectory.
Simply put, with the new amount of capital coming into bitcoin, it could absolutely have an enormous affect on the price.
Let’s review some of the specifics of this latest move:
11 applications approved: Financial heavy weights such as BlackRock, Fidelity, Invesco, and VanEck were approved, and what this does is open up opportunity for investors everywhere.
Analysts have predicted this could mean a fierce competition for market share which could lead to lower fees for investors.
Boost for Bitcoin price: The most exciting part of this move for Bitcoin enthusiasts is the potential further drive in price for Bitcoin, and many are saying it’s performance as of late was directly aligned with all the anticipation that has been floating around this ETF news.
Gradual adoption expected: While the rapid rise in price is just a speculation at this point, others envision a steadier growth. The market is just under 1B as of now, and some predict 10B by the end of 2024.
This is undoubtedly a pivotal moment for the crypto world, with potential long-term implications for Bitcoin’s role in the financial landscape.
The first trading day for these ETFs hasn’t arrived yet, that will be very soon. Some say that while this is a great day for more mainstream adoption of Bitcoin, that it is also the first day of it’s regulated life.
It’s an interesting point, where the SEC is now officially in control of an aspect of the crypto king.
If you are in the crypto game, pay close attention and follow the right analysts here to see where the opportunity may be.
Cheers.
