• The U.S. Securities and Exchange Commission (SEC) is facing mounting pressure from institutional investors to approve a Bitcoin ETF after BlackRock, Fidelity Investments, Bitwise, Invesco and WisdomTree applied for approval.
• Recent reports show that over 58 million Americans are currently investing in the cryptocurrency market with the Biden administration recently cutting a deal with Republicans to scrap taxes on crypto miners.
• As demand for Bitcoin continues to grow, some experts believe that the next presidential election could see higher regard for people invested in the crypto industry.
Increasing Demand For A Bitcoin ETF
The future of cryptocurrencies remains uncertain in the United States following regulatory crackdowns by the SEC. Despite this, there is still an increasing number of institutional investors applying for approval of a Bitcoin ETF as recent filings by BlackRock ($10 trillion in Asset Under Management) and Fidelity Investments ($4 trillion in Asset Under Management) have shown. Moreover, Fidelity Investments has already had success with its Canadian product – Fidelity Advantage Bitcoin ETF – which has been met with significant interest from institutional investors.
High Number Of Crypto Investors
A report conducted by Triple-A concluded that more than 58 million Americans are currently investing in cryptocurrencies and this figure is expected to increase further as we approach next year’s presidential election which could likely see higher regard given to those already invested in the crypto industry. Robert Kennedy Jr., one of the potential candidates for president tweeted “As president I will make sure your right to use and hold Bitcoin is inviolable” indicating his support for greater cryptocurrency adoption in America if he were elected into office.
Biden Administration’s Deal With Republicans
The Biden administration recently struck a deal with Republicans which included scrapping punitive tax policies on cryptomining activities such as taxation up to 30%. This was done so that debt ceiling would be raised which shows clear support from both sides of politics when it comes to cryptocurrencies becoming more accepted within American society.
SEC Chair Gary Gensler’s Thoughts On Cryptocurrency
Currently serving as Chair of the SEC, Gary Gensler believes that there needs to be more measures put in place to protect investors from manipulation within the Bitcoin market stating „the bitcoin market is heavily manipulated“. He believes that these measures need to be put into place before any sort of approval can be granted on a BTC ETF filing application by one of these companies mentioned earlier within this article.
In conclusion, it appears that despite increased regulatory pressure from governmental bodies such as the SEC there is still very strong interest from both retail and institutional investors alike when it comes to cryptocurrencies being adopted within mainstream society especially when it comes down approving a BTC ETF application filed by major firms like BlackRock or Fidelity Investments .