A Bitcoin endorsement from the United States president
A Bitcoin (BTC) spot Exchange-Traded Fund (ETF) has a 65% chance of being approved, according to experts James Seyffart and Eric Balchunas from Bloomberg Intelligence, as reported by Bitcoinist on August 2nd.
The reason for the increase is the observed growth of the market. A few months ago, they only gave an ETF approval likelihood of 1%.
Some believe that the recent Twitter video produced by U.S. Vice President Joe Biden may have increased the chances of a Bitcoin ETF being approved.
Biden is shown in the film sipping from a cup with laser eyes, which may represent his optimistic view on Bitcoin and other cryptocurrencies. Some members of the cryptocurrency community believe that the laser eyes’ blue colour stands for Ethereum (ETH) and that the red colour indicates Bitcoin.
This level of specificity has spawned further debates about the President’s position on digital assets. In his commentary in reaction to the film, James Seyffart said the movie “further bolstered his confidence in the likelihood of a Bitcoin ETF gaining approval.” Seyffart, on the other hand, said that the video had nothing to do with cryptocurrencies.
He said that the laser eyes mug was more of a nod to the “Dark Brandon” memes that went viral last year than a hidden message regarding Bitcoin. He also speculated that the film was more of a reference to online jokes than a “deliberate indication of the President’s stance on cryptocurrencies.”
However, Seyffart’s other perspective provides a more nuanced view, drawing attention to a possible other interpretation of the video’s symbolism, while his first response shows heightened excitement over the chance of a Bitcoin ETF approval.
The video has received a lot of attention from crypto enthusiasts and experts who are trying to understand its significance.
While the SEC has been keeping an eye on the developing crypto economy and the continuing regulatory crackdown, the Biden administration has chosen a non-crypto posture from the beginning of its term.