Bitcoin ETF: Exclusive interview with Gracy Chen, CEO of bitget

The crypto industry has been rocked by news of Bitcoin ETFs, a financial product that could revolutionize the way institutional investors interact with Bitcoin. Gracy Chen, CEO of Bitget, offers her perspective on the subject in this exclusive interview.

The impact of the SEC decision and next steps for Bitcoin ETFs

Speculation surrounding Bitcoin ETFs is running high. On September 1, the SEC opted to postpone its decision on several Spot Bitcoin ETF applications from market heavyweights such as BlackRock, WisdomTree, Invesco Galaxy, and many others.

This postponement has led to uncertainty, but it’s not all doom and gloom, far from it. We had the opportunity to delve into the mind of Gracy Chen to unravel the mystery of Bitcoin ETFs.

A turning point came with Grayscale’s legal victory and the SEC’s defeat. For Chen, this outcome forces the SEC to rethink its cards on Grayscale’s GBTC proposal.

“Grayscale’s victory over the SEC is a step forward, but the future remains uncertain. This court decision demonstrates that the SEC’s rejection of Grayscale’s GBTC proposal was unreasonable, and requires the SEC to re-evaluate it.”

To support this point, in a letter dated September 6, Grayscale challenged the SEC on an administrative delay regarding GBTC Form 19b-4.

Chen says: “Grayscale’s recent legal success seems to have strengthened its case for a Bitcoin Spot ETF. There’s no doubt that this victory has galvanized major institutions like BlackRock and Fidelity in their quest for Bitcoin Spot ETFs.”

Outlook for Bitcoin ETFs: what to expect?

If current trends are anything to go by, Bitcoin ETFs are on a roll. Gracy Chen bases her optimism on an enlightening report by Henley & Partners. This reveals that across the globe, 425 million individuals own cryptocurrencies, 88,200 of whom have the enviable status of “crypto-millionaires”. Half of this impressive figure invests heavily in BTC, elevating the queen of cryptos to the status of asset of choice for the wealthy.

However, exogenous elements could weigh in the balance. US interest rate strategy, for example, is a key factor.

“By keeping rates high, Jerome Powell is indirectly impacting the decision on Bitcoin ETFs,” Chen argues. “If everything aligns, the SEC could lift certain restrictions, allowing Wall Street to dive headlong into BTC via ETFs.”

In conclusion, despite the pitfalls, the future of Bitcoin ETFs sparkles with opportunity. For Gracy Chen, a $31,000 Bitcoin on the horizon is conceivable, potentially attracting more investors and propelling BTC even higher.