In a groundbreaking move, Bitwise Asset Management has officially listed its spot Bitcoin (BTC) ETF on the Depository Trust and Clearing Corporation (DTCC), operating under the ticker $BITB. This announcement mirrors Fidelity’s recent listing of its spot BTC ETF on the DTCC, underscoring a collective push for regulatory approval in the United States.
Bitwise’s Chief Investment Officer, Matt Hougan, stressed the company’s proactive approach to the possible launch. He disclosed that plans were being made for marketing, sales tactics, and media appearances, in addition to constant communication with authorities, which included frequent meetings with the Securities and Exchange Commission (SEC).
“We’re preparing marketing and sales strategies and press engagements and are in continuous discussions with regulators to expedite the process, said Hougan.”
With Bloomberg analysts projecting a 90% chance of SEC approval by January 10, there is growing anticipation for the establishment of a spot Bitcoin ETF in the US. This hope is reinforced by recent moves from major players in the market, such as Bitwise and Fidelity, which point to a change in the direction of greater institutional participation and Bitcoin acceptance.
Despite these changes, Bitwise continues to have high hopes for the future of Bitcoin. Senior crypto research researcher at Bitwise Ryan Rasmussen believes that in 2024, Bitcoin will soar to unprecedented heights, perhaps hitting $80,000, an 87% increase over its present value.
Rasmussen credits this optimism to two leading causes: the impending Bitcoin halving cycle in April and the possible approval of a spot Bitcoin ETF. According to historical data, cycles of halving, in which the quantity of Bitcoin is reduced, usually result in upward movements in the value of the cryptocurrency. Rasmussen is so confident in the market’s need for these financial products that he even tries to say that the approved spot Bitcoin ETF will be the most successful ETF launch ever.
A turning point has been reached for Bitcoin and the larger cryptocurrency business in the United States thanks to Bitwise’s calculated actions and optimistic industry projections. Potential institutional and general acceptance of cryptocurrencies could begin with the establishment of a spot Bitcoin ETF. The cryptocurrency community’s excitement is growing as the sector eagerly anticipates the SEC’s verdict, indicating a hopeful future for Bitcoin and its changing role in the global financial scene.
