Bitcoin: Cash-Based BTC ETF May Debut Next Week: Scaramucci

Paigambar Mohan Raj
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Sky Bridge CEO Anthony Scaramucci recently took to X and said that the Bitcoin (BTC) cash ETF (Exchange Traded Fund) could be approved next week. Scaramucci says it’s a holiday week, and people aren’t paying attention. Hence, ETF approval news could get buried in the celebrations. Scaramucci states, “Classic news dump. Market isn’t expecting it. Be ready.

Also Read: Bitcoin: Anthony Scaramucci Predicts Spot BTC ETF Approval Date

Investors in the US have long waited for a Bitcoin (ETF). It seems like their wishes are close to being granted. Scaramucci had previously predicted an early January approval date for a spot BTC ETF. While speaking in a podcast, he said that the Jan. 10, 2024, deadline seems likely. However, the Sky Bridge founder may have changed his stance and now anticipates an earlier date.

Many spot BTC ETF applicants have opted for a cash-only approach instead of the in-kind method. Firms will collect cash and buy BTC to create shares instead of buying the asset first.

Will the SEC approve a spot Bitcoin ETF in December?

Key Events to Watch for Bitcoin This Week

According to a Bloomberg analysis, one or more spot Bitcoin (BTC) ETFs could be approved by Jan. 10, 2024. The US SEC (Securities and Exchange Commission) has postponed every deadline for its decision in 2023. Analysts anticipate the financial watchdog to come out with an approval by early next year.

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However, Scaramucci might also have a point. The SEC may announce its decision while investors and traders are busy with holiday celebrations to keep the development quiet.

Nonetheless, there is also the possibility that the SEC will postpone its spot Bitcoin (BTC) ETF decision once again due to technical reasons. The US SEC received an unfavorable verdict in its lawsuit against Ripple. The agency may feel it is not equipped to handle the crypto market just yet.