MicroStrategy CEO Michael Saylor has shared his bullish forecast on Bitcoin amid SEC’s approval of BTC ETFs options.
In his recent post on X, he wrote that this approval will lead to a broader institutional adoption of Bitcoin.
The approval of options for $IBIT will accelerate institutional #Bitcoin adoption. 🚀 https://t.co/BontWrHhOt
— Michael Saylor⚡️ (@saylor) September 20, 2024
On Friday, the U.S. Securities and Exchange Commission (SEC) approved the listing and trading of options for asset manager BlackRock's spot Bitcoin exchange-traded fund (ETF) on the Nasdaq.
The release regarding the decision was published on the official SEC website.
HOT Stories 'Rich Dad Poor Dad' Author Reveals When Bitcoin May Hit $1 MillionMillions of XRP To Start Bullish Reversal? Ethereum (ETH) Makes Unexpected Comeback, Dogecoin (DOGE) Confirms BreakthroughMicroStrategy's Saylor Shares Stunningly Bullish Bitcoin Rumor "It's Pathetic": Ripple CEO Lambasts Scammers
The iShares Bitcoin Trust, BlackRock's ETF, will trade under the ticker symbol "IBIT." This marks a significant milestone, as it opens up new avenues for investors to trade Bitcoin-based options through a regulated financial product.
Listing is yet to come
Saylor’s forecast was posted in reaction to a thread started by a renowned financial analyst Eric Balchunas.
According to Balchunas, other crypto ETF options will be approved soon after. The decision will attract “more liquidity which will in turn attract more big fish,” he wrote.
However, Balchunas stressed that this big step will be followed by other regulatory decisions. This means that the actual listing will take more time.
Important note: This is just one stage of approval, the OCC and CFTC has to approve as well before they officially list. The other two don't have a 'clock' so not sure when they'll be approved. A big step tho nonetheless that the SEC came around.
— Eric Balchunas (@EricBalchunas) September 20, 2024
What this means for crypto market
The approval of options trading for BlackRock's iShares Bitcoin Trust marks a significant step for the crypto market, boosting Bitcoin’s legitimacy among institutional investors.
It offers sophisticated tools for risk management and speculation, likely attracting more capital and increasing market liquidity. The SEC's involvement also enhances investor confidence, potentially driving demand for Bitcoin products.
This development signals further integration of Bitcoin into the mainstream financial system, with the potential to stabilize prices and increase market activity.
