Analyst Gautam Chhugani of Bernstein believes that the ruling in favour of Grayscale against the Securities & Exchange Commission was a “game changer”. He states that it is a significant step towards the first U.S. Bitcoin ETF and could result in a major institutional-driven rally for the world’s largest cryptocurrency, Bitcoin.
Chhugani expressed: “Strong showing in courts improved ETF possibilities and the progressive institutional curiosity are positioning crypto for an unprecedented establishment capital led cycle.”
This is not the only recent legal victory for the cryptocurrency industry. Ripple gained a significant victory in its long-running lawsuit with the Securities & Exchange Commission.
Despite these positive catalysts, Bitcoin is still hovering around the $26,000 mark, which is below its year-to-date high. Chhugani commented that “This is a cycle slower to take off, however is being laid on a lot sturdy elementary grounds of regulatory readability and extra strategic long-term gamers coming into the area.”
He expects the first U.S. Bitcoin ETF to become a reality by March of 2024 at the very latest. He also believes that asset managers will push for a Spot Ethereum ETF afterwards and will even venture into Solana and Polygon.