JPMorgan casts doubt on significant impact of potential bitcoin ETF approval: ‘unlikely to be a game changer’
JPMorgan released a research report on Thursday stating that the approval of a spot bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) will not have a transformative impact on the crypto markets due to several factors. The report highlights the lack of significant investor interest in similar ETFs that have been available in Canada and Europe for some time. Not groundbreaking The anticipation surrounding the approval of a spot bitcoin exchange-traded fund (ETF) in the United States continues to grow among enthusiasts. However, JPMorgan, a leading financial institution, suggests that the approval might not have the groundbreaking effect on the crypto market that many expect. According to JPMorgan strategists, headed by Nikolaos Panigirtzoglou, the potential approval of physically backed bitcoin ETFs by the Securities and Exchange Commission (SEC) is unlikely to be a game changer for the crypto markets, Business Insider reported. The report ...