Taylor Swift Concerts and BTC ETFs Have This in Common
TL;DR
Friday was the final date the SEC had to make their decision on ARK Invest's ARK 21Shares Bitcoin spot ETF application.
But instead of making a final decision, instead they said they needed more time before approving, or scrapping, the application.
While it wasn't the outcome we were hoping for, it's not the worst case scenario either. Now, back to the waiting game.
Full Story
Picture this:
You scored Taylor Swift tickets.
You have your outfit all ready to go.
You've been waiting months for this concert.
Then the magical day finally comes and...
The concert is postponed.
You know that feeling of frustration, mixed with disappointment, but also a kind of deranged happiness that you have to do 'the wait' all over again?
That's how we're feeling today.
Because Friday was our equivalent of most people's 'Taylor Swift Eras Tour.'
It was the final date the SEC had to make their decision on ARK Invest's ARK 21Shares Bitcoin spot ETF application.
But instead of making a final decision, instead they said they needed more time before approving, or scrapping, the application.
We've written about BTC ETFs a few times recently (like here and here).
If you don't have time to read those articles 👆...
Here's why we're a bit bummed about this postponement:
When (not 'if,' in our humble opinion) a BTC spot ETF is approved in the US, it's likely to bring a flurry of institutional investment into the space. Institutions have big dollars, and more demand is likely to result in an increase in BTC's value.
A spot ETF (like 'ARKB' that has been proposed) is going to make it easier than ever to invest in BTC (sort of) without all the hassle of learning about wallets and security.
The approval of a BTC spot ETF would truly legitimize the Web3 space. It would lead to more BTC spot ETFs (and maybe even other cryptocurrencies too).
While it wasn't the outcome we were hoping for, it's not the worst case scenario either.
Now, back to the waiting game.