As reported by bitcoinist on August 2, analysts James Seyffart and Eric Balchunas of Bloomberg Intelligence dramatically increased their prediction for the approval odds of a Bitcoin (BTC) cash exchange-traded fund (ETF) to 65%.
This upward revision is based on notable advancements within the industry. Notably, just a few months ago they only assigned a 1% chance for ETF approval.
President Biden’s Laser Eyes Mug Raises Hopes of Bitcoin ETF Approval?
There has been speculation that the chances of a Bitcoin ETF gaining approval could increase due to a recent video posted on Twitter by US President Joe Biden.
In the video, Biden is seen drinking from a mug adorned with laser eyes, possibly symbolizing bullish sentiment towards Bitcoin and other cryptocurrencies. Laser eye color also matters, with blue representing Ethereum (ETH) and red pointing to Bitcoin, according to some in the crypto community.
This attention to detail has sparked further discussion regarding the president’s stance on digital assets.
In answer to the video, James Seyffart provided his interpretations, suggesting that the video “further boosted his confidence in the likelihood of a Bitcoin ETF gaining approval.” However, Seyffart offered a different perspective on the video, downplaying the connection to the world of cryptocurrency.
He said the laser-eyed mug could refer to the “Dark Brandon” memes popularized last year rather than a deliberate signal about cryptocurrency. Likewise, he suggested the video could be a nod to internet memes rather than a “deliberate indication of the president’s stance on cryptocurrencies.”
While Seyffart’s reaction suggests heightened optimism about the possibility of a Bitcoin ETF endorsement, his other view offers a more nuanced view, highlighting a potential alternative explanation for the video’s symbolism.
The video has garnered considerable attention within the cryptocurrency community, with enthusiasts and analysts dissecting its meaning.
Nonetheless, the Biden administration has taken a non-crypto stance since its administration began, with the Securities and Exchange Commission (SEC) as its watchdog over the nascent crypto industry and its ongoing regulatory crackdown.
DeSantis takes on Biden’s crypto policies
At a recent campaign rally in New Hampshire, Florida Governor and US presidential candidate Ron DeSantis made some important statements promises regarding the future of BTC and the cryptocurrency should he be elected president.
DeSantis has vowed to end what he called Joe Biden’s “war on bitcoin and cryptocurrency.” They highlighted his commitment to giving Americans the freedom to invest in digital assets.
During his speech, DeSantis emphasized the importance of individual choice, stating:
We’re going to let Americans invest in things like bitcoin and cryptocurrency. Nobody is forcing you to do this. If you want to do it, you can do it.
Additionally, DeSantis has expressed opposition to the potential launch of a central bank digital currency (CBDC) by the Federal Reserve (Fed). He pledged to reject any attempt by the Fed to impose a CBDC on the American people, saying the concept of a CBDC would be abandoned on his first day as president.
However, as the debate continues, market participants eagerly await new developments and announcements that could shed light on the future of Bitcoin ETFs and the broader cryptocurrency regulatory landscape.
Featured image of X, chart from TradingView.com