"Hmm investor's head is dizzy, remind BTC to go up, it looks like a trap."
Some cryptocurrency experts argue that the landmark decision in the Grayscale lawsuit could act as a trigger for laws and regulations for the approval of spot ETFs in the United States (US).
Earlier, JP Morgan analysts strongly believed the Securities and Exchange Commission (SEC) would be forced to approve a motion to allow Grayscale's BTC ETF to become a spot ETF.
However, crypto investors have so far not been able to see which companies will grab the filing for the ETF, among which are BlackRock, ARK Invest, Fidelity and Bitwise.
However, the community believes the approval of the ETF could bring a large amount of new funds into the crypto market as one Bitcoin (BTC) investor named Lark Davis expects $20 to $30 billion to be invested in the digital asset.
This is because the concept of ETFs backed by non-government assets has been successfully implemented in the US, where the SPDR Gold Trust ETF (GLD), a gold-backed ETF, was launched in November 2004 without any obstacles.
Immediately after the launch, the value of gold rose steadily for years, so the price of BTC is likely to make a similar move once the BTC ETF is approved.
Michael Saylor, the founder of MicroStrategy who continues to buy the digital asset to strengthen his position as the largest institutional BTC holder predicts that BTC could rise 50% from its current price if the aforementioned comes true.
After breaking through $28,130 on August 29, 2023, BTC price appears to have plunged again by 0.58% to $25,803 in the past 24 hours and lost 1.24% over the past week as the SEC suspended spot BTC ETF applications for seven firms.
