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RE: SEC reviews Bitcoin ETF application, Bitcoin spikes
Besides the joy of my mother's birthday on the day of the comment from the SEC, I like that there is more and more debate and contest surrounding the space. This is all good and well, but I want to know your thoughts on a longer timeline. Provided this is approved, what next? That's one thought but, the decision aside, I'm really curious about further down the line.
I think a physically backed bitcoin ETF will be huge for the price short and longer term. I am basing that opinion off of what happened to the price of gold after physically backed ETFs were introduced. It likely will bring in so much demand that it can't help but spill over into the spot markets as well.
Gold went up roughly 6X after gold ETFs were introduced, though likely all of that increase was not due to ETFs.
Some good info in here about it:
https://steemit.com/bitcoin/@jrcornel/new-bitcoin-etf-application-may-actually-gain-approval