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Bitcoin ETF in 2021 - All eyes on VanEcks

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A bitcoin ETF could go soon be a reality in 2021 if VanEck's application get approval from   Securities and Exchange Commission.

 

VanEck tried submitting a proposal in September 2019 which was rejected by SEC. Jay Clayton, was opposed the launch of a bitcoin ETF. He has stepped down as chairman of the SEC earlier this month. With the change in guard now the changes of getting approval could be higher than before. 

Will VanEck's Proposal will be accepted this time?

VanEck's bitcoin proposal would follow the path of gold-trust ETFs in that it would hold the underlying bitcoin, the filing said. The VanEck Bitcoin Trust would reflect the performance of the MVIS CryptoCompare Bitcoin Benchmark Rate.

But now, with a changing of the guard at the SEC and bitcoin's surge to new highs - driven in part by increased adoption from institutions - the chance of approval could be higher than ever.

Jay Clayton, who has opposed the launch of a bitcoin ETF during his tenure, stepped down as chairman of the SEC earlier this month. And Treasury Secretary Steven Mnuchin is set to be replaced by Janet Yellen next month. Janet has mixed record when it comes to the personal statements about crypto.

Bitcoin is up 300% and Wall street start investing in the Bitcoin. MassMutual acquired $100 million worth of bitcoins earlier this month with Microstrategy moving a considerable money into bitcoin.

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