High-Profile Crypto Critic Changes Opinion on Spot Bitcoin ETF
Former United States Securities and Exchange Commission (SEC) official John Reed Stark, who is known for his criticism of cryptocurrencies, has recently shifted his stance on spot Bitcoin ETFs. He attributes this change to rumors circulating from internal SEC calls.
Stark stated, “Interesting. If these posts are true, some iteration of a Spot Bitcoin ETF seems likely.”
Spot Bitcoin ETF Critic Says it Could Create a ‘Legacy’
In a post on X (formerly Twitter), crypto critic John Reed Stark highlights that US SEC Chair Gary Gensler could establish a lasting legacy by approving the spot Bitcoin exchange-traded fund (ETF).
“Precisely what the characteristics of an approved Bitcoin Spot ETF will entail remains to be seen but, under any circumstance, the legacy of SEC Chair Gary Gensler could be the approval of a Spot Bitcoin ETF. That is a mammoth victory for Big Crypto. Strange days indeed.”
The basis for his claims appear to be based on the rumor that the Bitcoin ETF would be cash redemptions as opposed to “in-kind,” as per posts by Fox Business journalists Eleanor Terrett and Charles Gasparino.
Ongoing Predictions for Spot Bitcoin ETF
However, several recent reports have anticipated Bitcoin price shifts after the potential approval of the Bitcoin ETF product.
On December 20, BeInCrypto reported that according to Bloomberg, the likelihood of a spot Bitcoin ETF being greenlit this year stands at 90%.
Meanwhile, the news has stirred speculation regarding how the approval could impact the value of Bitcoin.
However, approving a spot Bitcoin ETF might signify a crucial shift in how institutions engage with crypto.
This would create a regulated avenue for US companies to enter the crypto market and attract major trading firms, thereby improving market liquidity and dynamics.
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