Approval of US Bitcoin ETF To Ignite Global BTC Buying Spree, Says CryptoQuant CEO
The chief executive of crypto intelligence firm CryptoQuant believes that a wall of money will likely enter the crypto markets as soon as a US exchange traded fund (ETF) is approved.
In a new tweet, Ki Young Ju tells his 156,000 followers that he sees global FOMO (fear of missing out) happening once the US green lights a Bitcoin ETF.
“Imagine when [the] U.S. Securities and Exchange Commission (SEC) approves Bitcoin ETFs. US followers like Korea will approve Bitcoin ETFs, more global institutions will buy BTC, and more global financial services will launch Bitcoin funds. How much [will the] BTC price be then? The bull market may last longer than we thought.”
The first BTC exchange traded fund may come as soon as next month after the SEC pushed the deadline for the approval or disapproval of the VanEck Bitcoin ETF from May 3rd to June 17th, which represents a 45-day extension.
“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received.”
While the SEC continues to deliberate, other countries are hopping on the bandwagon. In February, the Purpose Bitcoin ETF, the first of its kind in North America, debuted on the Toronto Stock Exchange. A month later, Brazilian digital asset manager QR Capital received the approval to launch the first Bitcoin ETF in Latin America.
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Author: Daily Hodl Staff
