– Mike Belshe, CEO of BitGo, believes that a spot Bitcoin ETF is likely to be approved soon.
– He acknowledges that there may be more rejections before a positive decision is made.
– Belshe emphasizes the need to improve the market structure before the SEC grants approval.
– He mentions the separation of crypto exchanges from custodians as a key condition for approval.
– Belshe references Sam Bankman-Fried’s efforts to advocate for regulations and create a multifaceted operation.
– The potential approval of a Bitcoin ETF has led to a surge in fees on the Bitcoin blockchain.
– Bitcoin is currently holding steady near 18-month highs.
– There are 12 asset management firms waiting for outcomes on their Bitcoin ETF applications.
– Bloomberg analyst James Seyffart predicts a 90% chance of approvals by January 10, 2024.