One of Wall Street’s first bitcoin analysts believes the chances that the SEC will approve the first bitcoin exchange-trade fund by the end of 2018 have improved substantially since the agency rejected two proposed funds back in March.
“Things have changed. My odds of Bitcoin ETF approval within 18 months are WAY up,” said the analyst, Spencer Bogart, formerly of investment bank Needham & Co., in a tweet.
Bogart believes the probability that an ETF will be approved during this time frame has climbed above 75%.
While Bogart didn’t elaborate on his reasoning, or provide concrete odds, the SEC and other US regulators appear to have warmed to bitcoin in recent months. Last week, the SEC ruled that coins produced by initial coin offerings are securities and should be registered and regulated as such.