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Key Takeaways:
- Former BlackRock director anticipates SEC approval for Bitcoin ETF in 3-6 months.
- BlackRock appears to be in the top position for spot Bitcoin ETF approval.
- A potential $150-200 billion influx into Bitcoin products upon ETF approval is forecasted.
LUCKNOW (CoinChapter.com) — Steven Schoenfield, former managing director at BlackRock, anticipates the U.S. Securities and Exchange Commission (SEC) may approve a Bitcoin spot (ETF) within the next “three to six months.”
“The SEC will probably approve [all ETF applications] at the same time; I don’t think they want to give anybody first mover advantage,”
he said.
No ‘More’ Waiting for Bitcoin ETF — Steven Schoenfield
Earlier, Schoenfield had predicted that the crypto industry would wait “nine to 12 months” before witnessing a Bitcoin ETF approval. However, his current estimate reflects a more positive outlook than the earlier one.
“Instead of completely rejecting the whole list, they’ve asked for comments, which is a marginal but significant improvement in the dialogue. There’s also the Grayscale lawsuit, which the SEC lost, which means they’ll most likely have to allow the Grayscale Bitcoin Trust to be converted into an ETF.”
Shoenfield argues.
BlackRock Could Trump Rival Bitcoin ETF Seekers
BlackRock manages a colossal $9.42 trillion in assets. Moreover, the asset manager has a track record of a 575-1 success rate when it comes to obtaining ETF approvals from the SEC. Therefore, it is most likely to receive a Bitcoin spot ETF approval among contenders.
In 2017, this outcome seemed unexpected when BlackRock’s CEO, Larry Fink, referred to Bitcoin as an “index of money laundering.” However, Fink did a U-turn on his thoughts when he recently appeared on FOX News and said crypto is “digitizing gold in many ways.”
During the CCData panel discussion in London, Martin Bednall, CEO of Jacobi Asset, expressed his belief that BlackRock’s strong brand and extensive resources would provide a first-mover advantage should the SEC greenlight Bitcoin spot ETFs. However, Schoenfield offered a more cautious perspective.
A $150B-200B Inflow Expected
Schoenfield’s company has conducted an analysis indicating that approval of a Bitcoin spot ETF could lead to a substantial influx of “$150 to $200 billion” into Bitcoin investment products over the next three years. This inflow could “double or triple” the current assets under management in Bitcoin products.
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