If the SEC approves a bitcoin-ETF, the BTC course will experience a rapid jump

The Chicago Exchange CBOE submitted a new request for the opening of the first Bitcoin-ETF to the US Securities and Exchange Commission (SEC).

The experts are convinced that the commission's agreement would literally "detonate" the cryptocurrency course.

SEC bitcoin etf

Bitcoin-ETF is an investment instrument which uses Bitcoin as a base asset. It is expected that the SEC decision will be made on 10 August, but this date is not precise.The commission will have time to consider this decision until 24 September. The experts point out three reasons why the SEC could finally approve Bitcoin-ETF next month.

The first reason is the Bitcoin price. In March, last year, the brothers Winklevoss submitted an application to the regulator for approval of the ETF, but then the cryptocurrency company did not has high expectations regarding their approval.

The fall in value in 2017, from 1350 to 1000 USD according to the scale of that time was magnificent. Today Bitcoin's value is 7 times higher – 7300 USD, but in December 2017 it was 20 times more expensive.

However, the Bitcoin's market capitalization already exceeds $ 125 billion and the regulators can no longer ignore it.

In June, the twin brothers Tyler and Cameron Winklevoss,the founders of the cryptocurrency exchange Gemini, got the US patent for the cryptocurrency exchange investment fund concept.

The second reason is the “Crypto Asset Management”. In the past, traditional investors did not pay any attention to the cryptocurrency market and did not dare to engage in it due to the lack of knowledge about it and not understanding the operational principles of the sector. But “Crypto Asset Management servcices” are becoming more and more popular. These are customer property storage and distribution services based on a written order by the client.

At the beginning of the month, the Cryptocurrency exchange Coinbase launched a new service, offering its customers the depositary services which are aimed at safe storage of digital coins, just as it is with traditional securities.

Coinbase now reports that this service has already attracted interest for 10 hedge funds and the companies which deal with asset management.

The third reason – transparent supervision. In the past, regulators have referred to a lack of regulation in the market, but this year, Bitcoin future contracts have already been approved, while the major US investment bank, Goldman Sachs, is currently working on exploring options for trading cryptocurrency derivatives.

Last month, the SEC refused to recognize Bitcoin and Ethereum as securities. Many experts have already announced that the Bitcoin price will increase sharply once the first Bitcoin Stock Investment Fund is approved.

If the SolidX Bitcoin-ETF is approved on 10 August, it will become the catalyst for the Bitcoin price and the rapid growth of the entire cryptocurrency market ",

- announced the operators of VanEck Investment.

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