Scaramucci Suggests Cash-Based Bitcoin ETF Debut Imminent

• Sky Bridge CEO Anticipates Bitcoin Cash ETF Approval
• The Prospect of Bitcoin Cash ETF Approval
• Previous Predictions on Spot BTC ETF Approval Date
• Possible SEC Approval of a Spot Bitcoin ETF

Sky Bridge CEO Anticipates Bitcoin Cash ETF Approval

Anthony Scaramucci, the CEO of Sky Bridge, recently hinted at possible approval of the Bitcoin$42,260 -0.64% (BTC) cash Exchange Traded Fund (ETF) in the coming week. Scaramucci suggests that given the holiday season, many people may not be focusing on the news and the announcement of the ETF approval could easily blend in with the festive celebrations. He stated, Classic news dump. Market isn't expecting it. Be ready.

The Prospect of Bitcoin Cash ETF Approval

Scaramucci implied that the approval of a bitcoin cash ETF could be around the corner. He pointed out that during the holiday season, news of such approval could go unnoticed, effectively burying the news amidst holiday festivities. He advised observers to be ready for such a development, although the market is not currently expecting it.

Previous Predictions on Spot BTC ETF Approval Date

United States investors have been waiting for approval of a Bitcoin (ETF) for a long time. It appears their anticipation might soon pay off. Scaramucci had earlier predicted a spot BTC ETF approval date in early January. However, in a recent podcast, he seemed to hint at the possibility of an earlier approval date.

Several spot BTC ETF applicants have chosen a cash-only approach rather than the in-kind method. This means these firms will amass cash and purchase BTC to create shares, instead of acquiring the asset first.

Possible SEC Approval of a Spot Bitcoin ETF

Bloomberg analysis suggests that one or more spot Bitcoin (BTC) ETFs could receive approval by Jan. 10, 2024. The United States Securities and Exchange Commission (SEC) has so far deferred every decision deadline in 2023. Financial analysts predict that the regulatory body might grant approval early next year.

Scaramucci's insights could hold some truth as well. The SEC might disclose its decision while investors and traders are preoccupied with holiday merriment, thereby keeping the progress low-key. However, there is a chance the SEC might defer its Spot Bitcoin (BTC) ETF decision due to technical reasons or legal obstacles such as the recent unfavorable verdict in the lawsuit against Ripple.

Edited by Jonathan Stoker