According to Mark Yusko, who manages Morgan Creek Capital Management, the “crypto spring” has already started and the next bull run will be ignited by the approval of a Bitcoin (BTC) exchange-traded fund (ETF).
Yusko recently spoke with crypto influencer Lark Davis, stating that he believes “crypto spring” began on June 15, one year after he believes “crypto winter” ended.
With the market seeking positive catalysts, Yusko believes that a Bitcoin ETF will have a significant impact on BTC and the entire crypto industry.
BlackRock had 100% success
Yusko notes that BlackRock, the largest asset manager worldwide, has had almost a 100% success rate in obtaining ETF approvals and is likely to continue the trend with its Bitcoin application.
“Of course it’s a good thing. Because it will be approved. BlackRock is 475 and 1. They’ve made 476 applications for ETFs, they’ve had 475 approved. This one’s going to get approved. Now, does Bitwise’s… or Amun’s…”
The notes continued and revealed the following:
“Do they get theirs first because they were in line first? I’m going to say no, and that sucks, but I’m going to say they’ll be some weird reason why BlackRock goes to the head of the line. It’s just the way it is. When you have $10 trillion in assets, you get special privileges.”
Bitcoin in the news
News sources have reported that Coinbase has been instructed by the U.S. Securities and Exchange Commission (SEC) to halt all cryptocurrency trading except for Bitcoin (BTC) until the regulator presses charges against the company.
Brian Armstrong, the CEO of Coinbase, has shared that the SEC did not provide any additional reasoning for the suspension of non-Bitcoin trading on the platform.
Additionally, Armstrong has disclosed that the SEC demanded Coinbase to remove all assets other than Bitcoin, citing that they were classified as securities.
Despite Armstrong’s disagreement with this interpretation of the law, the SEC declined to clarify their rationale.
