𝗬𝗘𝗧 𝗪𝗘'𝗥𝗘 𝗡𝗢𝗧 𝗔𝗟𝗟 𝗠𝗨𝗟𝗧𝗜-𝗠𝗜𝗟𝗟𝗜𝗢𝗡𝗔𝗜𝗥𝗘𝗦 𝗬𝗘𝗧! WHAT GIVES??

𝗧𝗛𝗘 𝗦𝗘𝗖 𝗔𝗣𝗣𝗥𝗢𝗩𝗘𝗗 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗦𝗣𝗢𝗧 𝗘𝗧𝗙𝘀!
Yesterday, the SEC approved the 19b-4 applications from ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex and Franklin Templeton — allowing the ETFs to be listed & traded on exchanges.
PR:
https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023?utm_source=www.niftynest.co&utm_medium=newsletter&utm_campaign=sec-approves-bitcoin-etf
Interestingly, the approval comes exactly 15 years after Hal Finney's now famous "Running Bitcoin" tweet.
Hal's tweet was essentially introduced the world to #Bitcoin
Wild coincidence or something else?
The SEC didn't really approve willingly. In Gary Gensler's statement, he says the SEC "disapproved more than 20 exchange rule filings for spot bitcoin ETPs" before finally giving approval & only did so based on the D.C. Court of Appeal forcing their hand.
Interestingly, he calls #Bitcoin a "non-security commodity" & says approval "should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities. . . the vast majority of crypto assets are investment contracts."
Finally, he says that while the SEC "approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin."
Regardless, we finally have approval. It's a big win for crypto.
Another fun fact:
Cameron and Tyler Winklevoss were the first to try and launch a Spot Bitcoin ETF through their Winklevoss Bitcoin Trust OVER TEN YEARS AGO.
This has been a long time coming. So why aren't we all swimming in money?

While #Bitcoin traded up to 47k after approval, some thought there would be a parabolic rise after approval.
However, the impact of these ETFs is going to take much longer.
Why?
First, if you're reading this chances are you're a crypto native.
You've been buying and selling #Bitcoin for years, have your own wallet, own Bitcoin, and understand how to operate in this space.
You're the exception, not the rule. Most people do not know how.
Moreover, crypto natives have been buying up #Bitcoin in anticipation of getting approval from the SEC for a while now.
So, much of the price impact that would stem from people buying actual Bitcoin is already baked in.
Bitcoin has soared 155% in 2023.

But will money flow into #Bitcoin because of the approval?
ABSOLUTELY.
Alex Thorn, head of research at Galaxy, estimates that 14 BILLION will flow into Bitcoin in the next year.
Gold provides a great example.
Gold ETFs were approved about two decades ago. What happened after Gold ETFs were approved?
Over 100 BILLION is now stored in Gold ETFs that trade in the US.
Short term, it caused the Gold price to quadruple.
Simply put, the #Bitcoin ETFs provide institutional investors (most of which do not have a way to custody actual Bitcoin or approval to trade Bitcoin) with a route to get involved.
So position yourself accordingly.
Strap in.
And enjoy the ride.
Thank you for reading!