Crypto News
Valkyrie CIO Predicts US Bitcoin ETF by Q1 2024
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In a new interview with Bloomberg, Steven McClurg, the CIO of Valkyrie Investments, predicts that a Bitcoin spot ETF could become a reality by Q1 2024, potentially marking a significant milestone for the crypto industry.
Further, he indicated there is a “50%” chance a Bitcoin ETF is approved in October, the earliest that such a fund could pass evaluation by the SEC.
Elsewhere, the discussion revolved around the ongoing efforts by several financial institutions and asset managers to launch a Bitcoin ETF in the United States. While Canada and other countries have already embraced crypto ETFs, the U.S. has been slower to approve such products, primarily due to regulatory concerns.
McClurg believes that the growing acceptance and understanding of cryptocurrencies among regulators and institutional investors will pave the way for a Bitcoin spot ETF in the near future. He points out that the SEC has been actively engaging with the crypto industry to establish clear guidelines for these financial products.
The potential approval of a Bitcoin spot ETF could open doors for a broader range of investors to gain exposure to the world’s largest cryptocurrency.
Currently, U.S. investors can access Bitcoin through various investment trusts and futures contracts, but a spot ETF would provide a more direct and convenient investment vehicle.
McClurg predicted that the market for Bitcoin could “10x” on the back of institutional investment from pension funds and other professional money managers.
The interview also touched on the broader implications of a Bitcoin spot ETF. It could potentially attract more institutional money into the market, driving liquidity.
However, McClurg acknowledges that regulatory hurdles must be cleared before a Bitcoin spot ETF can become a reality. The SEC has expressed concerns about market manipulation, custody solutions, and investor protection.
Valkyrie is one of over 10 firms that have currently filed with the SEC for a Bitcoin ETF.
Steven McClurg, CIO of Valkyrie Investments, predicts a “50%” chance a Bitcoin ETF is approved by October, the earliest that such a fund could pass evaluation by the SEC.
Crypto News
Zimbabwe Injects $50M in Forex Market to Stabilize Currency – News Bytes Bitcoin News
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The RBZ aims to increase foreign currency supply, reduce pressure on banks, and maintain currency stability through this intervention.
Crypto News
Polymarket Bettors Predict 84% Chance of Trump-Harris Debate Before Election
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According to the blockchain-based prediction market Polymarket, there is an 84% likelihood that former President Donald Trump and current Vice President Kamala Harris will debate before the election. Trump has shown hesitation to debate Harris until her official nomination, citing significant confusion within the Democratic party. High Stakes: $142,846 Wager on Trump-Harris Debate Before Election
Crypto News
Salvadoran Basic Goods Basket Rose to Historic Highs in June
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The price of the Salvadoran basic goods basket, a group of foods and vegetables considered essential, rose to all-time high levels in June.
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