Asset management firm VanEck has predicted that the first Spot Bitcoin ETF approval is set to take place in Q1 of 2024. Indeed, the firm listed the impending approval as the top crypto prediction heading into the coming year. Moreover, it forecasted just what that could mean for the digital asset sector, and the asset itself.
The prediction arrives as reports have indicated massive headway being made in the US Securities and Exchange Commission (SEC) review process. Specifically, Forbes noted that regulators are warming up to an eventual approval. Subsequently, VanEck does not expect to have to wait long to see it come to fruition.
Also Read: US Regulators Warming to Idea of Approving Spot Bitcoin ETFs
VanEck Expects Spot Bitcoin ETF Approval in 2024
For much of the last few months, a Spot Bitcoin ETF approval has been anticipated by the digital asset market. More than a dozen firms have submitted applications to head the first Bitcoin investment offering of its kind in the United States. Moreover, that process may be concluded sooner rather than later.
Asset management firm VanEck has predicted that the first Spot Bitcoin ETF approval could come as early as Q1 in 2024. Indeed, the projection was a part of the firm’s 15 crypto predictions for 2024. Moreover, it discussed a forecasted $2.4 billion to enter those ETFs to “support Bitcoin’s price.”
Also Read: SEC Discussions With Bitcoin ETF Issuers Advance to Key Details
For much of the week, discussions between the SEC and prospective issuers have ramped up. Indeed, many of the 13 applicants have amended their filing per the instruction of the regulatory agency. Moreover, they have been engrossed in what industry executives have described as conclusory discussions.
The potential impact of a Spot Bitcoin ETF on the price of the asset would be groundbreaking. Standard Chartered predicted that such a product would lead the asset to a price of $100,000 by the end of next year. Conversely, approval is likely to take place within the first month of 2024.