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Why is the crypto community so excited about a spot Bitcoin ETF?
The crypto community is rejoicing as the US Securities and Exchange Commission (SEC) has approved Bitcoin-based spot exchange-traded funds (ETFs).
Over the years, various asset management firms have applied for a spot Bitcoin ETF without success. The American regulator decisively rejected all their proposals, citing the fact that a Bitcoin ETF would be subject to market manipulation.
However, on January 10, 2024, after months of heated discussion, the SEC approved the first-ever applications for a spot Bitcoin ETF from 11 firms. These include bids from BlackRock, ARK Investments and Fidelity.
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