Does Grayscale’s Win Against the SEC Mean a Spot Bitcoin ETF Will Be Approved? - Ep. 539

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 1 September 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week’s emphatic ruling in favor of Grayscale in its suit against the SEC to convert its massive bitcoin trust into an ETF generated plenty of hopium among the bitcoin faithful that a spot bitcoin ETF will get approved soon and open a flood of investment in bitcoin. What are the odds of that truly happening now, though, and if it did, how much additional money could wind up being invested in bitcoin as a result? Also, which companies’ applications would get approved first and how would the various products compete with one other? Bloomberg’s senior ETF analyst Eric Balchunas separates the hype from the reality in answering these questions and more. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: why Bloomberg increased the likelihood of a Bitcoin ETF being approved this year from 50% to 75% how the ruling exceeded the expectations of the legal analysts at Bloomberg why it's important that the ruling was a bipartisan decision whether, from a legal perspective, it's "weird" to deny a spot ETF but approve a futures one how a spot Bitcoin ETF would act as a bridge for Baby boomers to invest in crypto what the two most likely SEC responses to the ruling are what the likely timelines for an SEC spot Bitcoin ETF approval or disapproval would be whether Gary Gensler's agency will approve Ethereum futures ETFs in the U.S. why BlackRock's and Fidelity's ETFs are more likely to be approved first, according to Eric how the different ETFs would compete in the market why spot Bitcoin ETFs pose a serious threat to crypto exchanges' businesses Eric's estimate of how much additional money would pour into Bitcoin if a spot Bitcoin ETF is approved Thank you to our sponsors! Crypto.com Arbitrum Foundation Thales DAO Toku Guest Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence Links Previous coverage of Unchained on Grayscale and ETFs: Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF Bitwise’s Latest Plans to Get a Bitcoin ETF Approved DCG’s Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini? Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis Unchained: Grayscale Wins Lawsuit Against SEC Over Denial of Bid to Convert GBTC Into a Bitcoin ETF Bitcoin ETFs Explained: What Are They & How Do They Work? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Crypto moves at lightning speed. For the latest crypto updates, be sure to subscribe to our
0:05.2	daily newsletter at unchainedcrypto.substac.com. Again, that's unchainedcrypto.substac.com.
0:12.6	I see that at the end of the day, three, four years from now, you're going to be able
0:16.7	to buy a liquid cheap Bitcoin ETF, and it's going to be powerful. And this is why we
0:21.8	say, you know, to the crypto exchanges, you know, this will be a threat to their business.
0:29.5	Coinbase, and some of these exchanges charge a lot for trade.
0:38.1	Hi, everyone. Welcome to unchained, your no-hype resource for all things crypto. I'm your host,
0:42.9	Laura Shin, author of the Cryptopians. I started covering crypto eight years ago, and as
0:48.2	a senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full-time.
0:52.9	This is the September 1st, 2023 episode of unchained.
0:57.9	Toku makes implementing global token compensation and incentive awards simple. With Toku,
1:03.6	you get unmatched legal and tax tech support to grant and administer your global team's tokens.
1:09.2	Make it simple today with Toku. Arbitram's leading layer-to-scaling solution
1:14.4	offers you ultra-cheap and lightning fast transactions, all with security rooted on Ethereum.
1:19.7	Visit arbitram.io today. Today's episode is brought to you by OverTime Markets, your premier,
1:26.1	Web 3 Sportsbook. The innovative protocol is changing the game one match at a time,
1:31.1	powered by Thales, explore more at overtimemarkets.xyz. With the Crypto.com app, you can buy,
1:37.9	trade, and spend crypto in one place. Download and get $25 with the code Laura, link in the description.
1:46.1	Today's guest is Eric Balchunis, senior ETF analyst at Bloomberg Intelligence. Welcome, Eric.
1:52.6	Great to be here. Thank you. This week was a big week for a possible spot Bitcoin ETF.
1:59.2	What happened? Well, Grayscale had sued the SEC a while back and the ruling came out.
2:05.9	And it was pretty, I think the word that one headline uses stinging. It was a 3.0 decision
	...

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