The U.S. Securities and Exchange Commission has approved 11 spot bitcoin exchange-traded funds.
The approval includes those of Grayscale, Bitwise and Hashdex, according to a statement on Wednesday.
The approval would be a game-changer for bitcoin, offering institutional and retail investors exposure to the world’s largest cryptocurrency without directly holding it, and a major boost for a crypto industry beset by a string of scandals.
According to some analysts, the launch of these new products could trigger a flow of investment and lead to a significant increase in the price of Bitcoin, which is the most well-known and successful digital asset.
Galaxy Digital, a cryptocurrency management and research firm, predicts that a Bitcoin ETF would attract more than $14 billion in investment inflows during its first year on the market.
By the end of the third year, the investment inflows could amount to nearly $40 billion.
According to a report by crypto outlet CoinDesk, Standard Chartered Bank, a UK-based lender, has offered a more optimistic assessment of Bitcoin’s future.
The bank believes that the financial instrument could attract as much as $100 billion worth of inflows by the end of this year. If this happens, the price of Bitcoin could reach almost $200,000 by the end of 2025, which is more than four times its current value.
