Bitcoin (BTC) Price Prediction: Will BTC Double to $200K in 2025?

Institutional adoption of Bitcoin is on the rise

People familiar with the matter now say that the US Securities & Exchange Commission is planning to approve several Bitcoin ETFs for 2023. The approval will come after years of anticipation and several rejections.

According to the people, the SEC is now expected to approve the applications from Fidelity, BlackRock, and NYSE Arca. The approval will be for ETFs that track the performance of Bitcoin futures contracts.approval will mark a major milestone for the crypto industry. It will also provide investors with a new and easy way to gain exposure to Bitcoin.

The SEC has been considering applications for Bitcoin ETFs since 2017. However, the Commission has yet to approve any of the applications. The SEC has cited concerns about the liquidity and volatility of the Bitcoin futures markets.

Despite the SEC’s concerns, interest in Bitcoin ETFs has continued to grow. In 2021, the SEC received a record number of applications for Bitcoin ETFs. The applications were from a diverse group of asset managers, including Fidelity, BlackRock, and NYSE Arca.

The SEC is now expected to approve the applications from Fidelity, BlackRock, and NYSE Arca because the Commission has been under increasing pressure to do so. The pressure has come from both the crypto industry and members of Congress.

In March 2023, a group of bipartisan lawmakers sent a letter to the SEC urging the Commission to approve Bitcoin ETFs. The lawmakers argued that the approval will provide investors with a much-needed and fully regulated way to access the digital asset market.

The approval of Bitcoin ETFs will be a major victory for the crypto industry. It will also provide investors with a new and easy way to gain exposure to Bitcoin.