A new analyst named Naeem Aslam is in the latest Bitcoin news – this time for stating that Bitcoin needs a blessing from the US Securities and Exchange Commission (SEC) in order to revitalize and experience a recovery in its price.
According to Aslam, the approval of the first Bitcoin exchange-traded fund (ETF) would allow accredited investors and individual traders in US markets to invest in cryptocurrencies – but could also be a major step in revitalizing the cryptocurrency market.
As Aslam noted:
“Bitcoin needs some sort of a blessing and only that can revitalize the rally for the currency. I think that the SEC [Securities and Exchange Commission] seeking a public opinion about the Bitcoin ETF [exchange-traded fund] is a positive sign, the department perhaps wants to respect the public opinion and most importantly wants to see the accurate landscape.”
The dominant cryptocurrency, according to the analyst, will need a strong catalyst in order to initiate a promising upwards rally in the weeks and months to come.
Aslam also explained that SEC will be unlikely to reject a Bitcoin ETF that fulfills the requirements that are laid out by the SEC if the demand from the public is strong to justify the approval of an ETF around an emerging asset class.
As he stated:
“If the public interest shows that the support is in favor of ETF it is highly unlikely that the department would reject an actual application which satisfies their criteria.”
Right now, the catalyst of the next Bitcoin price surge could be the approval of the first BTC ETF or an influx of institutional investors in the market. It is obvious that the market currently needs a strong motivation to bounce back to its previous levels.
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