📉🚨 Bitcoin ETF Drama Unfolds: Bloomberg Analyst Gives Contrarian View with 90% Approval Chance!
In the midst of anticipation surrounding the approval of a spot Bitcoin exchange-traded fund (ETF), Eric Balchunas, Senior ETF Analyst for Bloomberg, throws a curveball with a 90% approval chance.
📈💼 This comes in response to a report by Markus Thielen predicting a sweeping rejection of all applications, challenging the prevailing market sentiment.
1. Thielen's Bold Prediction: A Contrarian Stance
Markus Thielen's report, titled "The Potential Ramifications if SEC Rejects Bitcoin Spot ETFs Next Week," diverges sharply from the general optimism about Bitcoin's surge. Despite expectations of reaching $45,000 by Christmas and a potential push to $50,000 by January 2024, Thielen suggests a sweeping rejection by the U.S. Securities and Exchange Commission (SEC).
2. Eric Balchunas Seeks Clarification: Unraveling the Mystery
Balchunas, seeking clarification from Thielen, questions the basis of the rejection prediction. Confusion arises as Thielen's previous bullish stance on Bitcoin and recent tweets indicate executive expectations of approval. Balchunas emphasizes that overturning collective intel from various sources would be a significant development.
📊 Bloomberg Expert's Stand: 90% Sure About Approval
Balchunas, while not ruling out the possibility of rejection, asserts that Bloomberg has heard nothing to indicate it. Despite Thielen's contrarian view, Balchunas maintains a 90% confidence in the approval chances, citing alignment with news organizations and independent reporting.
🔍 Matrixport Adds to the Uncertainty: Political Landscape Impact
Adding to the complexity, Matrixport expects the SEC to reject all spot Bitcoin ETF applications. Their analysis considers SEC requirements and the current political landscape, highlighting the Democratic dominance among SEC Commissioners.
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