– BitGo CEO, Mike Belshe, believes that a spot Bitcoin ETF is likely to be approved in the near future.
– However, he acknowledges that there may be further rejections before a positive decision is reached.
– Belshe emphasizes the need for improving the market structure before the SEC grants approval for a Bitcoin ETF.
– He highlights the SEC’s requirement to separate crypto exchanges from custodians as a key condition for approval.
– Belshe references Sam Bankman-Fried’s efforts to advocate for regulations and create a multifaceted operation at FTX.
– The potential approval of a spot Bitcoin ETF has led to a surge in fees on the Bitcoin blockchain.
– Bitcoin is currently holding steady near 18-month highs, surpassing its bear market trading range.
– There are 12 asset management firms awaiting outcomes for Bitcoin ETF applications, with a high chance of approvals by January 10, 2024.
