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- 1 Bitcoin rolled 8.85% after the possible disapproval news of its ETF.
- 2 Peter Schiff and Bloomberg’s Eric Balchunas have proposed their views about the current situation.
Matrixport reported that SEC Chairman Gensler is not looking forward to boosting crypto adoption in the United States. Therefore, it is very likely that he will not vote to approve Bitcoin spot ETFs. It seems like Matrixport’s news has flooded the whole crypto market. Bitcoin went bearish and closed the day with a decline of 8.8%.
What is Matrixport
Matrixport is a digital financial services firm. It provides trading, investing, and borrowing of cryptocurrency assets. It also offers fixed income, structured products, lending, and asset management.
The firm in its report on Wednesday wrote “The current five-person voting Commissioners leadership critical for the ETF approval of the SEC is dominated by Democrats. SEC Chair Gensler is not embracing crypto in the US, and it might even be a very long shot to expect that he would vote to approve Bitcoin ETF.”
Bitcoin ETF will result in a downtrend in BTC price, said Peter Schiff
Peter Schiff, an American stockbroker, financial commentator, and radio personality, dropped some bombs on Wednesday. He said in a tweet “The promise of a U.S.-listed Bitcoin ETF has been supporting the Bitcoin price and speculative demand for years.”
Schiff warned that the Bitcoin ETF approval will probably crash the BTC price for a long time. He further added in his tweet, “Once the ETFs are launched and the highly anticipated institutional and other new investor demand does not show up”
“Shut Down Crypto” Said Jamie Dimon
A few weeks ago, Jamie Dimon, the CEO of Jp Morgan spoke about cryptocurrencies during the testimony before the Senate Banking Committee.
Jamie has been deeply opposing cryptocurrencies since the start. He said that the only true use case for cryptocurrencies is for criminals, drug traffickers, and Rouge Nations. It is somewhat anonymous but not fully because you can move money instantaneously.
He also added that it is a scam as it does not go through the systems that the government has built over all these years. One of the major highlights of his speech was his last line where is said that if he were the government, he would shut cryptocurrency down.
ETF Hopes are still alive
However, not every financial institution is bearish on the Bitcoin ETF. Bloomberg ETF analyst Eric Balchunas led his views upon the whole ETF approval chances. Eric has been at the forefront of this ETF debate since the start. He sees a good possibility that within the first quarter of 2024, this ETF will be approved by the SEC.
Conclusion
The Hopes for Bitcoin ETF were shattered when Matrixport published a report stating that there are very slim chances for approval by the SEC. Moreover, big names in the financial industries like Warren Buffet and Jamie Dimon have been completely opposed to crypto. The crypto market has crashed significantly after the report by Matrixport.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
