A news from CoinDesk stated that "the SEC postponed the decision on the Bitcoin ETF until September", but did not confirm the news with actual facts, which was trusted by many people. The title was later changed to "The SEC delayed the decision of Direxion's Bitcoin ETF to September."
Fact: The SEC was postponed by Direxion Investments in January. That is another matter. It is worth noting that many investment companies have applied for ETFs. But only a few people will be accepted and approved.
What does it mean if the application is successful?
First, the Bitcoin ETF will bring a lot of money, banks and institutional investors to Bitcoin.
Its operation is similar to that of the gold ETF. First, the large gold producers consign the physical gold to the fund company. Then the fund company relies on this, and the fund shares are publicly issued on the exchange, which is sold to various investors, and the banks and brokers are responsible. Underwriting. Such practices will further lower the investment threshold, expand the scope of investors, and bring investors who are unfamiliar with the digital currency sector into this market.
The SEC is likely to pass the Bitcoin ETF, and bitcoin prices continue to rise, currently closing at $8,200. Bitcoin prices are expected to reach $9,000 or even $10,000.
Some people think that there may be other countries that will launch the Bitcoin ETF earlier than the United States.
There are two main reasons:
(1) The government is operating extremely slowly;
(2) The government is more conservative than the private sector
Regardless of whether the ETF is in August or not approved at the end of the year, I am still very optimistic about BTC in the short and long term. I believe that the sell-off caused by unfavorable ETF decisions will bring us more harm than good.