Steven Schoenfield, a former managing director at BlackRock, predicts that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin spot exchange-traded fund (ETF) in the next three to six months.
Schoenfield made the prediction during a panel discussion on ETFs at CCData's Digital Asset Summit in London.
Schoenfield believes the SEC will approve all ETF applications at once to avoid giving any one company a first-mover advantage. Schoenfield also noted that the SEC's decision to delay decisions on several pending ETF applications is a positive sign, as the regulator is now seeking comments rather than rejecting the applications outright.
“If a Bitcoin spot ETF is approved, there could be an inflow of $150 to $200 billion into Bitcoin investment products over three years, doubling or tripling current assets managed in Bitcoin products,” Schoenfield said.
This prediction comes at a time when the cryptocurrency market is eagerly awaiting regulatory approval for Bitcoin ETFs. However, Ethereum Futures ETFs started their operations on Monday, but so far they have not received the expected interest.
*This is not investment advice.