Former BlackRock Executive Anticipates SEC Approval for Bitcoin ETF in 6 Months, Potentially Boosting Market by $200B
In a recent panel discussion at CCData’s Digital Asset Summit in London, former BlackRock senior executive Steven Schoenfield made intriguing predictions regarding the approval of Bitcoin exchange-traded funds (ETFs). Schoenfield, who previously served as a managing director at BlackRock, forecasted that the U.S. Securities and Exchange Commission (SEC) would greenlight a Bitcoin spot ETF within the next three to six months.
Schoenfield’s optimistic projection stems from the belief that the SEC will approve all ETF applications simultaneously to prevent any one company from gaining a first-mover advantage. Notably, he highlighted the SEC’s recent decision to delay rulings on several pending ETF applications, suggesting it as a positive indication of the regulator’s shift towards seeking comments instead of outright rejection.
Anticipating the potential impact of such approval, Schoenfield asserted that a Bitcoin spot ETF could attract an influx of $150 to $200 billion into Bitcoin investment products over the course of three years. This surge would effectively double or triple the current assets managed in Bitcoin products.
These projections come at a time when the cryptocurrency market eagerly awaits regulatory clearance for Bitcoin ETFs. While Ethereum Futures ETFs have recently commenced operations, they are yet to generate the expected level of interest.
In conclusion, Steven Schoenfield, a former senior executive at BlackRock, foresees the SEC approving a Bitcoin spot ETF within six months. This approval could potentially bring a significant infusion of capital, estimated at $200 billion, into Bitcoin investment products over the next three years. The anticipation of such regulatory approval has sparked excitement within the cryptocurrency market, with investors eagerly awaiting the potential for increased accessibility and mainstream adoption.
