the crypto community is buzzing with excitement, eagerly awaiting the verdict on the Bitcoin exchange-traded fund (ETF) this week. All eyes are on ARK 21Shares, as discussions heat up about how the decision, be it a thumbs-up or thumbs-down, might sway Bitcoin’s price.
On the digital streets of X (formerly known as Twitter), crypto enthusiasts are passionately debating the potential consequences of the upcoming decision from the United States Securities and Exchange Commission (SEC). The deadline for ARK 21Shares’ spot Bitcoin ETF application looms large on January 10, with other asset managers nervously awaiting their turn shortly after.
In the midst of this fervor, Alex Becker, speaking to his 922,000 followers on X, throws a curveball into the conversation. He questions the wisdom behind shorting Bitcoin before the decision, arguing that the approval of a Bitcoin ETF won’t trigger a typical “Sell the news” event. Instead, he sees it as an invitation for the big shots—those with deep pockets—to jump into the crypto game. Why? Because it makes investing in the digital asset as easy as pie for the wealthiest players in the world, who might have shied away from crypto due to its unconventional methods.
“At the end of the day, it allows the biggest money holders in the world to actively invest in a way that is comfortable and easy for them,” Becker asserts, injecting a dose of practicality into the speculation swirling around.
Now, let’s check the pulse of Bitcoin at this very moment. Drumroll, please! As of now, the digital gold is dancing around the $44,239 mark.
Amidst the debates and discussions, Dan Webb, the engineering lead at Swan Bitcoin, chimes in with an interesting perspective. Even if the ETF approval results in a temporary dip in Bitcoin’s price, Webb argues that the potential downside is peanuts compared to the potential upside that positive news could bring. It’s all about risk and reward, baby!
And then, we have Mati Greenspan, the brain behind Quantum Economics, sharing his two cents. Earlier this month, Greenspan shared his skepticism about SEC Chair Gary Gensler giving the nod to a crypto-related ETF. He believes Gensler might not want to upset the apple cart and disrupt the cozy relationship with big bankers.
So, there you have it – the Bitcoin ETF saga continues to unfold, with debates, predictions, and a healthy dose of skepticism thrown into the mix. Will it be a game-changer? Only time will tell, but for now, let the speculation party roll on!