'Buy the Rumor, Buy the News,' on Spot BTC ETF, Says One Expert, While Another Warns on Coinbase
As the U.S. Securities and Exchange Commission (SEC) approaches a deadline to decide on applications for spot bitcoin exchange traded-funds (ETFs), analysts are considering the potential impact of such approvals on the crypto industry. Due to the size of the applicants, including BlackRock, Fidelity, and Franklin Templeton, any approval could be more influential than earlier milestones in the crypto world. The introduction of an ETF could significantly change access to Bitcoin and have a substantial positive impact. However, crypto exchange Coinbase may face competitive challenges from ETFs as new investors may opt for the ETFs rather than Coinbase's services. While in the short term this could affect Coinbase's growth, in the long term, it could benefit from its involvement in the spot Bitcoin ETF business.
