The SEC rejected yet another Bitcoin application last week...
But guess what, the space doesn't necessarily even need one anymore.
The main draw for a bitcoin ETF had to do with helping get institutions into crypto. The second biggest selling point was making it as simple as possible for retail to enter as well.
Well, we are already getting development on both, and that is being done without an ETF.
(Source: https://www.ccn.com/bitcoin-etf-jimmy-song/)
What the heck am I talking about?
A couple weeks back, we saw the launch of Bakkt.
It is a fully regulated futures exchange that settles contracts with physical delivery of bitcoin. Not only that, but the exchange itself is 100% catered towards institutional clients.
So, we have a fully regulated (and physically settled) way for institutions to now enter the bitcoin market.
Check.
Secondly, we have Fidelity and TDA both announcing they are getting into the bitcoin/crypto markets in the very near future.
TDA in particular caters towards retail investors, so it is very likely there will be a way for them to buy/trade bitcoin in their brokerage accounts (or something very similar) in the near future.
Not to mention, GBTC already exists, which is a bitcoin investment trust that mimics the moves of the underlying assets very well.
Both of these things will make it easier for retail investors to participate in the bitcoin and crypto markets going forward.
Check.
But wait, there's more...
Not only do we have these developments taking place, but we also got a bit of regulatory clarity as well.
We heard from the SEC again saying that bitcoin is not a security.
And then, late last week, we heard from the CFCT saying that as of now, Ether is a commodity and will be regulated as such.
Those two announcements help remove a lot of the fear from large investors about investing in bitcoin and crypto markets because now there is basically no existential risk of them being labeled a security on a random Friday afternoon at some point in the future.
Check.
As things continue to develop and advance, it becomes less and less important for bitcoin to ever get an ETF.
Keep blocking it all you want SEC, we don't need it!
Stay informed my friends.
-Doc