The long-awaited spot Bitcoin exchange-traded fund (ETF) is getting closer to approval, marking a huge milestone for the crypto market.
With many experts believing that the ETF will encourage institutional investors to buy Bitcoin, we asked Google Bard how it could affect the coin’s price.
We also asked Bard which up-and-coming BTC alternatives could also benefit from a spot ETF approval – with Bitcoin ETF Token (BTCETF) emerging as a standout candidate.
The Long Road to Spot Bitcoin ETF Approval in the US
The possibility of a spot Bitcoin ETF being approved in the US has been discussed for over a decade now, yet the SEC has rejected all applications so far, citing concerns around volatility and price manipulation.
However, 2021 saw the approval of several BTC futures ETFs, indicating that the SEC is opening up to crypto-based financial products.
Another major development came in August of this year, when Grayscale Investments won a court case against the SEC, with the judge ruling the regulator was “arbitrary” in denying Grayscale’s spot BTC ETF application.
According to reports, there are currently 12 pending ETF applications in front of the SEC from various asset managers, including BlackRock, VanEck, and Fidelity.
Analysts believe there is a high likelihood the SEC approves at least one of these applications by early 2024, given the positive momentum behind them.
Notably, the SEC now has a window from November 9-17 where they could potentially approve the first batch of filings, with additional decisions on the remaining ones to come later.
Google Bard Weighs In on How a Spot BTC ETF Could Impact Crypto Prices
While the potential impact of a spot BTC ETF in the US has been hotly debated, we asked Google’s AI chatbot, Bard, what it thought about Bitcoin’s prospects in the wake of an ETF approval.
Bard noted that a spot Bitcoin ETF would likely have a “positive” effect on Bitcoin’s price due to increased accessibility and legitimacy.
The chatbot went on to say that by allowing mainstream investors to gain exposure through traditional brokerage accounts, a spot BTC ETF could drive huge amounts of new capital into the market.
Additionally, the SEC approving one of these ETFs would signal greater acceptance of cryptocurrencies as an asset class.
This mainstream embrace could further increase demand for crypto – pushing prices higher across the board.
While Bard provides a measured analysis, the key takeaway is that by opening the doors to greater investor participation, a spot Bitcoin ETF would likely be a bullish catalyst for BTC’s value.
The extent of the impact remains to be seen, but the common consensus is that ETF approval is set to be a huge boost for Bitcoin and the crypto market as a whole.
Bitcoin ETF Token Emerges as Intriguing New Token Looking to Ride Spot BTC ETF Hype
Although Bitcoin is undoubtedly the most likely to be affected by a spot BTC ETF, there are other coins which could benefit.
One recently launched coin that is being touted for growth is Bitcoin ETF Token (BTCETF), which is currently in its presale phase.
As its name implies, Bitcoin ETF Token aims to capitalize on the buzz around a spot BTC ETF launch in the US, while also offering users the chance to earn passive income rewards.
These rewards are accrued through a built-in staking protocol, whereby users can lock up their BTCETF tokens and earn an annualized yield of over 1,800%.
Additionally, Bitcoin ETF Token has a unique token burn mechanism tied to real-world milestones related to the spot ETF approval process.
As outlined in the project’s whitepaper, at each milestone, 5% of the total BTCETF supply will be burned – creating deflationary pressure.
Over $125,000 has been raised in the first four days of the project’s presale phase, with early investors able to buy BTCETF tokens for $0.005.
When asked about Bitcoin ETF Token’s prospects, Google Bard was very optimistic and highlighted that increased liquidity from exchange listings, institutional investment, and positive ETF news could all be bullish factors.
According to Bard, if these factors combine to create a wave of positivity around BTCETF, then the token’s value could rise as high as $0.10 post-listing.
Although this prediction from Bard is entirely hypothetical, it highlights the potential for BTCETF to benefit from the broader spot BTC ETF narrative.
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The project in the above article is not related to Bitcoin or to a Bitcoin ETF. It’s a completely different token.
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