- After the US SEC approves the dozens of spot Bitcoin ETFs, more companies will offer millions of retirement savers the option to diversify their portfolios to Bitcoin for long-term potential gains.
- Experts believe there is more than a 90 percent chance that the US SEC will approve the dozens of spot Bitcoin ETFs by January 10, as the US political environment enters the election year.
Bitcoin (BTC) adoption rate has reached a crucial tipping point similar to the mainstream adoption of the internet during the early 2000s. A recent study found out that there are more than 425 million crypto owners around the world, despite the crypto industry growing to a trillion-dollar industry during its first decade of existence.
More users will enter the Bitcoin industry in the coming years fueled by a favorable regulatory environment and deteriorating monetary policies made by most countries around the world. Moreover, Bitcoin is a global asset that is capped at 21 million irrespective of the demand change.
The leading global economy by gross domestic product (GDP), the United States, has gradually been moving towards the Bitcoin market through the highly anticipated spot exchange-traded funds (ETFs) and clear regulations from Congress. With more than 52 million US investors already in the crypto industry, more employers are likely to be pushed to offer Bitcoin as an investment option in the 401 (k) retirement plan.
Currently, most 401 (K) retirement plans have invested in mutual funds, which have a dismal return compared to Bitcoin and other crypto assets. The approval of spot Bitcoin ETFs in the United States will open a floodgate to billions of US dollars to the cryptocurrency industry as more investors envision the long-term adoption of the web3 industry and digital assets.
According to Chris Kline, the Chief Revenue Officer of Bitcoin IRA which allows retirement savers to invest in the crypto industry within retirement accounts, the approval of spot Bitcoin ETFs will be a major step toward mainstream adoption.
🚀 MASSIVE #BTC ADOPTION News! 🚀
Your 401(k) might soon ride the #Bitcoin wave, says #CNBC! 🌊
If the #SEC gives the nod to spot #BitcoinETF‘s, expect more 401(k) options. 💼🪙
Crypto enthusiasts, are you ready for the future? 📈💰https://t.co/5DruyGDvFG pic.twitter.com/p0EUIb0xL2
— Collin Brown (@CollinBrownXRP) December 26, 2023
Wall Street Envisions XRP ETF
The high likelihood of the US SEC approving all the spot Bitcoin and Ethereum ETFs has significantly increased fueled by the political situation in the country. More electoral candidates for Congress and the POTUS are leaning toward the crypto industry to influence the 52 million crypto users during next year’s elections.
Consequently, Wall Street experts argue that it is only a matter of time before more institutions file for XRP-based spot ETF. Moreover, the Ripple-backed coin is the only altcoin with legal clarity from the US courts.
Bitcoin Price Action and Market Outlook
Bitcoin price has enjoyed a bullish outlook during the fourth quarter of 2023 fueled by the spot ETF frenzy. With the US SEC looking at January 10 as the deadline for ruling Ark 21Shares, investors and crypto experts believe the agency will either approve the majority of the applicants or deny, thus the 90 percent approval probability.
Bitcoin price has risen 153% YTD to trade at $43,800. Meanwhile, the flagship coin faces short-term bearish pressure unless the bulls rally beyond the resistance level of around $44.5K in the coming days.
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