Bitcoin ETFs have been a dream in the crypto community for a very long time. These ETFs may be a good signal for the cryptocurrency market that is in a downtrend since January 2018.
In August the 10 the U.S. Securities and Exchange Commission will have ready a decision on whether a Bitcoin ETF will be available or not. If the answer is positive, the crypto market could start a new bull run and reach new all time highs.
Currently, the SEC is asking for comments on the Bitcoin ETF that was introduced by VanEck SolidX Bitcoin Trust. SolidX and VanEck came together for the proposal in early June.
CEO Jan van Eck commented on the matter:
“We believe that collectively, we will build something that may be better than other constructs currently making their way through the regulatory proses. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin.”
At the same time, the ETF will be designed for wealthy and accredited investors, an important point that was marked by the SEC in previous ETF proposals. The regulatory office does not want to allow retail investors to have so easy access to the crypto market.
If the SEC provides an approval for the ETFs, it means that there will be a green light to mainstream investment in altcoins as well. This decision could help trillions of dollars enter the crypto market and help the price of Bitcoin find a new all time high.
As we mentioned in another article, Thomas Lee, co-founder of Fundstrat Global, said that Bitcoin may reach $25,000 dollars this year. Whether this is possible or not remains to be seen with the decision that will be taken by the Securities and Exchange Commission on August the 10.
At the moment of writing this article, Bitcoin is being traded around $6,200 dollars.