According to an executive from Ernst & Young, the approval of a spot Bitcoin exchange-traded fund (ETF) could lead to a surge in demand for Bitcoin among institutional investors. The executive, Paul Brody, explained that there is currently a pent-up demand for Bitcoin due to the US Securities and Exchange Commission's reluctance to approve a spot ETF in recent years. He stated that around $200 trillion in assets under management from major asset managers are waiting for a spot ETF approval. Brody also noted that many investors are interested in Bitcoin as an asset rather than for its decentralized value transfer potential, and an ETF would provide a mainstream way for them to gain exposure to Bitcoin. Several top asset managers have expressed intentions to offer institutionally-backed Bitcoin trading services via an ETF, but the SEC has been hesitant to approve such requests due to concerns about tracking the Bitcoin price and market manipulation. However, analysts predict a 90% likelihood of approval for a Bitcoin spot ETF within the next 80 days, which could lead to a bullish streak for Bitcoin.
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