Daniel Kuhn is a deputy managing editor for Consensus Magazine. He owns minor amounts of BTC and ETH.
: that’s the point of an open protocol like Bitcoin. So why is so much time and energy put towards getting alternative ways of accessing bitcoins? In particular, why is thereThis is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full, markets bounced up by $2,000 .
Although, arguably, the intense interest that has built up around bitcoin ETFs may have as much to do with the fact that the investing public has so far been denied. The SEC has rejected every spot-based BTC ETF application it has seen, starting with the Winklevoss twins' failed bid in 2013. The SEC’s argument has usually centered around the idea of market manipulation, in part because bitcoin’s relative illiquidity and the lack of satisfactory market “surveillance” systems.
This all means that Grayscale’s application is back in play, and the SEC doesn’t really have grounds to reject it again. Hurrah! Bitcoin traded up 4.5% early Monday morning, wh ile the discount on the Grayscale Bitcoin Trust narrowed to its lowest level since December 2021. Bloomberg analysts said there is a 90% chance a bitcoin ETF will debut by Jan. 10.have edged in on the territory, including BlackRock, Fidelity and VanEck.
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