: Bill Gates on Bitcoin Bill Gates: ‘Inevitable’ Approval of Bitcoin Looms


This week the U.S. Securities & Exchange Commission delayed its decision on a number of applications for a Bitcoin Exchange-Traded Fund (ETF). Applicants affected by the deferral included WisdomTree, Valkyrie, Invesco, Vaneck and BlackRock Inc.

Former SEC Chair Jay Clayton spoke on the topic of a Bitcoin ETF with CNBC on Friday. On ‘Squawk Box’ he said: “Bitcoin is not a security. So, I think an approval is inevitable. The dichotomy between a futures product and a cash product can’t go on forever. That’s the path we are on.”

At the time of writing, the world’s largest cryptocurrency is down 18% compared to its Year-To-Date high in mid-July. According to Jay Clayton, the high levels of interest in a Bitcoin ETF demonstrate that both institutional and retail investors alike are seeking access to the digital asset.

The U.S. court ruled in favor of Grayscale in its lawsuit against the SEC this week. On the issue, Clayton commented: “SEC has been given time by the DC Circuit to reassess and perhaps come up with other reasons. Maybe there will be some, but I don’t see those.”

If an ETF is approved, it is likely to lead to an increased demand for Bitcoin, which could result in a significant price appreciation.

Related articles

Recent articles