Bitwise Asset Management, a prominent crypto player, has listed its Bitcoin (BTC) exchange-traded fund (ETF) with the symbol $BITB on the Depository Trust & Clearing Corporation (DTCC).
This development is significant because it increases the likelihood of the United States approving a spot BTC ETF.
Bitwise’s initiative follows in the footsteps of Fidelity, indicating that cryptocurrencies are gaining acceptance in mainstream finance.
A key figure at Bitwise, Matt Hougan, shared insights into the active efforts behind this strategic launch. To expedite the approval process, the company proactively engages in marketing initiatives, media outreach, and consistent dialogues with the U.S. Securities and Exchange Commission (SEC). Bitwise’s overall strategy includes regular and constructive discussions with the SEC.
The prospect of a U.S. spot Bitcoin ETF approval has sparked considerable interest, with experts predicting a high likelihood of SEC approval by January 10.
Firms such as Bitwise and Fidelity have taken proactive measures to contribute to this positive sentiment.
The approval of a spot BTC ETF could be a watershed moment for the entire cryptocurrency industry, ushering in increased institutional participation and wider Bitcoin adoption.
Bitwise has high hopes for Bitcoin’s trajectory, particularly in 2024. According to Ryan Rasmussen, a senior analyst at Bitwise, Bitcoin could reach $80,000, representing an 87% increase.
This prediction is based on two key factors: the potential approval of the ETF and Bitcoin’s upcoming halving cycle in April of next year. The convergence of these events could catalyze a significant increase in Bitcoin’s valuation.
Rasmussen is optimistic about the spot Bitcoin ETF’s future success once approved, highlighting the market’s strong interest in such a financial product.
Bitwise’s proactive measures and upbeat predictions mark an important turning point for Bitcoin in the United States.
The potential approval of a spot BTC ETF could herald a new era of cryptocurrency acceptance, giving the crypto community hope for a bright future for Bitcoin on the global financial stage.
