The Bitcoin ETF product of BlackRock, that is, IBIT, has cleared the final stage of the SEC. It is effectively ready to be launched and is expected to be first listed on Nasdaq. IBIT, short for iShares Bitcoin Trust, essentially tracks the price of Bitcoin.
It is convenient for the community to access the product since it comes with the benefit of being cost-effective and convenient. BlackRock has committed that IBIT will remove all obstacles and operational burdens investors otherwise face. This applies to all investors, including, but not limited to, asset managers and financial advisors.
That said, the approval of Spot Bitcoin ETF has brought some mixed reactions from a number of personalities. Some have hailed the move, especially crypto enthusiasts, while others have warned about the volatility and risks involved. A warning has come from Gary Gensler, the SEC Chair, who has even published a public statement after approving the applications.
Gary has said that while they have approved those applications, they do not necessarily support the product for its volatility. Gensler has asked inventors to exercise caution while investing their funds in Bitcoin ETPs. Peter Schiff, a notable economist, has said that the approval has opened up 11 ways for investors to place their bets.
Peter has further said that Bitcoin has no real-world utility like Gold. BTC is exchanging hands at $46,979.58 after momentarily surpassing the $47k mark. The value is an increase of 3.22% in the last 24 hours. Bitcoin enthusiasts are optimistic that the value will jump a little further as investors keep injecting their funds. The next 2–3 days are expected to be highly volatile for the Bitcoin sphere.
It will eventually settle down. Meanwhile, the community speculates that Spot Ether ETF could be next. Fidelity and BlackRock are expected to pursue the Spot Ether ETF as soon as possible and receive clearance this year. The Bitcoin Halving event, set for the middle of 2024, is one that the community is looking forward to. Market Cap and 24-hour volume are up for Bitcoin by 3.15% and 36.92%, respectively.
Skepticism from economists and optimism from crypto enthusiasts keep growing. They come with an understanding of whether applications will ever be approved. Many experts have said that approving Bitcoin ETF applications would mean that more investors put their funds at risk of losing them. Plus, it would strengthen the way in which market manipulation and fraud happen every day.
Money laundering is another issue that experts have raised concerns about. If authorities detect a malicious event, the SEC supervises and investigates the case.
More Bitcoin ETPs are awaiting final clearance. An official listing by BlackRock, similar to IBIT, will follow this.