With multiple applications vying for spot Bitcoin ETF approval, the focus is on BlackRock, the world’s largest asset management company. Alongside BlackRock, prominent players including ARK Invest, Bitwise, Invesco, WisdomTree, Valkyrie, VanEck, and Fidelity have also entered the fray, eagerly awaiting responses to their ETF requests. Experts express confidence that the approval of one of these applications will inevitably trigger a substantial market-wide surge, leading to a heightened demand for Bitcoin (BTC) and consequently, an increase in its price.

Grayscale’s Legal Win Sets the Stage for Spot Bitcoin ETF Approval

In a significant legal victory, Grayscale successfully challenged the U.S. Securities and Exchange Commission (SEC) in August, as highlighted by renowned cryptocurrency expert Aaron Arnold, the voice behind the popular crypto-focused YouTube channel Altcoin Daily. The D.C. Court of Appeals ruled that the SEC’s rejection of Grayscale’s bid to transform its Bitcoin Trust into a spot ETF lacked merit, potentially establishing a precedent for future approvals. Arnold pointed out that despite the SEC’s Chairman Gary Gensler’s unpredictable actions, this pivotal win has put Gensler and the SEC in a corner, making the green light for spot Bitcoin ETFs all but certain.

The BlackRock Factor, Gold ETFs, and Bitcoin’s Price

Arnold recently hosted Anthony Scaramucci, the founder of Skybridge Capital, who shared a similar perspective on the Grayscale case. Scaramucci expressed confidence in Skybridge’s investment in BlackRock’s ETF and, despite possible SEC-related delays, predicted the eventual approval of these ETFs.

Spot Bitcoin ETFs are poised to revolutionize cryptocurrency investment for both individual and institutional investors, offering a streamlined approach. These ETFs will become a compelling option for asset advisors, who control a substantial portion of global capital, providing a straightforward way to incorporate BTC into their investment portfolios. This expanded access will introduce Bitcoin to a previously untapped demographic, driving unprecedented demand and growth.

Drawing a parallel to the approval of the spot gold ETF in 2004, which resulted in a 420% price surge, Arnold made a similar projection for Bitcoin. Based on this historical precedent, Bitcoin’s price could potentially reach a range between $130,000 to $300,000, considering current prices.