As reported by Bitcoinist on August 2nd, analysts James Seyffart and Eric Balchunas from Bloomberg Intelligence have considerably elevated their prediction for the approval odds of a Bitcoin (BTC) spot Alternate-Traded Fund (ETF) to 65%.
This upward revision relies on notable developments throughout the business. Notably, just some months in the past, they’d assigned a mere 1% probability for ETF approval.
President Biden’s Laser Eyes Mug Raises Hopes For Bitcoin ETF Approval?
There was hypothesis that the chances of a Bitcoin ETF gaining approval may enhance as a result of a current video posted on Twitter by U.S. President Joe Biden.
Within the video, Biden is seen ingesting from a mug adorned with laser eyes, presumably symbolizing a bullish sentiment towards Bitcoin and different cryptocurrencies. The colour of the laser eyes additionally holds significance, with blue representing Ethereum (ETH) and purple pointing to Bitcoin, in accordance with sure crypto group members.
This consideration to element has sparked additional discussions relating to the President’s stance on digital belongings.
In response to the video, James Seyffart offered his interpretations, suggesting that the video has “additional bolstered his confidence within the chance of a Bitcoin ETF gaining approval.” Nevertheless, Seyffart supplied a unique perspective on the video, downplaying the connection to the cryptocurrency world.
He acknowledged that the laser eyes mug may reference the “Darkish Brandon” memes popularized final yr somewhat than a deliberate sign about cryptocurrency. Equally, he urged that the video could also be a nod to web memes somewhat than a “deliberate indication of the President’s stance on cryptocurrencies.”
Whereas Seyffart’s response suggests elevated optimism relating to the opportunity of a Bitcoin ETF approval, his different standpoint gives a extra nuanced viewpoint, highlighting a possible different clarification for the video’s symbolism.
The video has generated important consideration throughout the cryptocurrency group, with lovers and analysts dissecting its that means.
Nonetheless, Biden’s administration has taken a non-crypto stance because the begin of its administration, with the Securities and Alternate Fee (SEC) as its watchdog in direction of the nascent crypto business and its ongoing regulatory crackdown.
DeSantis Takes Intention At Biden’s Crypto Insurance policies
In a current marketing campaign rally in New Hampshire, Florida Governor, and U.S. presidential candidate Ron DeSantis made important guarantees relating to the way forward for BTC and cryptocurrency if he have been to be elected president.
DeSantis vowed to place an finish to what he known as Joe Biden’s “battle on Bitcoin and cryptocurrency.” They emphasised his dedication to permitting People the liberty to put money into digital belongings.
Throughout his speech, DeSantis highlighted the significance of particular person selection, stating:
We’re going to let People put money into issues like bitcoin and cryptocurrency. Nobody’s forcing you to do it. If you wish to do it, you are able to do it.
Moreover, DeSantis expressed his opposition to the potential launch of a central financial institution digital forex (CBDC) by the Federal Reserve (Fed). He pledged to reject any try by the Fed to impose a CBDC on the American folks, declaring that the idea of a CBDC can be discarded on his first day as president.
Nevertheless, as the talk continues, market individuals eagerly await additional developments and bulletins which will make clear the way forward for Bitcoin ETFs and the broader regulatory panorama for cryptocurrencies.
Featured picture from X, chart from TradingView.com
