Briefly, let’s go over some important news that has just hit the market. Specifically, the SEC has once again delayed proposed ETFs and two banking giants have recommended investors to purchase Bitcoin.
Nothing should be considered investment or financial advice. Enjoy the ride.
SEC Is Hindering Growth
Once again, the SEC has decided to hinder the growth of the blockchain industry by refusing to pass even one ETF proposal. At this point it could be speculated that the SEC has a strong motive against the success of digital assets due to the lack of compliance and transparency across the industry.
In particular, there were 3 ETFs that were denied which will now be reviewed at a later date:
- Bitwise ETF was denied with a deadline on October 13
- VanEck ETF proposal was denied with a deadline on October 18
- Wilshire Phoenix ETF proposal was denied with a 150 day extension
The Bitwise and VanEck proposals have also had multiple previous reviews and denials by the SEC which historically lead to a market correction shortly after. Most of this is due to the traditional investors who over value the SEC’s opinion on the space, but crypto investors in general seem not to care either way.
Regardless, an ETF proposal will eventually get approved and the market FOMO will be dramatic from the traditional scene. For now, crypto enthusiasts will have to deal with the traditional FUD that comes from gaining exposure to the broader market spectrum.
Big Banks Say Buy Bitcoin
Regardless of the recent denial, the banks are now confessing the potential Bitcoin as a long-term investment.
Specifically, JP Morgan and Goldman Sachs have changed pace completely towards the grandfather of cryptocurrency. In the end, these companies realize that even if they do produce their own digital asset, Bitcoin will be the foundational corner stone to hold the market together. Overall, it is good news that these giants are turning to support Bitcoin instead of opposing it.