Bitcoin ETF approval nearing, but brace for more setbacks: BitGo CEO
In a recent Bloomberg interview, Mike Belshe, CEO of crypto exchange BitGo, predicted the likelihood of another round of rejections for Bitcoin ETFs. He emphasized the need for improvements in market structure before approvals can be expected....
- Mike Belshe, CEO of BitGo, believes that a spot Bitcoin ETF is likely to be approved soon, based on discussions between firms and the SEC.
- However, Belshe highlights the need to improve the market structure before the SEC grants approval.
- He references the separation of crypto exchanges from custodians as a key condition that must be addressed.
- The potential approval of a spot Bitcoin ETF has led to a surge in fees on the Bitcoin blockchain.
- Bitcoin is currently trading near 18-month highs and has surpassed its bear market trading range.
- There are 12 asset management firms awaiting outcomes for Bitcoin ETF applications.
- Bloomberg analyst James Seyffart predicts a 90% chance of approvals by January 10, 2024.
The overall sentiment of the article is positive, as it suggests that a spot Bitcoin ETF is likely to be approved soon. However, it also acknowledges the challenges and conditions that need to be addressed.