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In a recent interview, Glen Goodman, the author of “The Crypto Trader,” discussed the potential impact of a spot Bitcoin exchange-traded fund (ETF) on the market. He emphasized the uncertainty surrounding the approval of the ETF by the US Securities and Exchange (SEC), particularly in relation to SEC Chair Gary Gensler’s stance on cryptocurrencies.
Goodman pointed out that while there is widespread anticipation for the approval of a Bitcoin ETF, Gensler’s cautious approach to the crypto industry could pose a significant obstacle. He highlighted the need for ETF applicants to address potential concerns raised by Gensler, which may lead to delays in the approval process.
Regarding the potential consequences of a delayed approval, Goodman expressed concerns about the impact on Bitcoin’s price. He warned of the possibility of a substantial decline in the event of an open-ended delay, leading to significant losses for leveraged traders.
Despite the short-term uncertainty surrounding the ETF approval, Goodman acknowledged the long-term potential of a Bitcoin ETF as “fantastic news,” echoing sentiments shared by many industry experts. Additionally, he identified other factors, such as gaming, artificial intelligence, and decentralized social media, as potential drivers of growth in the cryptocurrency market for 2024 and beyond.
