Scores of Wall Street investors are patiently waiting to hear from the Securities and Exchange Commission on a spot bitcoin ETF approval (BTC-USD) , especially after the SEC's X.com account was compromised Tuesday afternoon, releasing a false statement about the pending decision. With so much attention on this topic, have the floodgates been open for bitcoin? Will investment in the cryptocurrency boom or will the buzz pass on by?
Steve McClurg, Valkyrie Funds Chief Investment Officer, joins Yahoo Finance to give insight into the compromised SEC account, the decision from the SEC, and what it could mean for bitcoin going forward.
McClurg explains how this could be a dam-breaking moment: "We launched a bitcoin futures ETF two years ago and we saw kind of a dam break at that point in time, where about a billion and a half dollars went into bitcoin ETFs, or bitcoin futures ETFs, for a period of about three days...I don't think it's going to be a dam-breaking moment like it was then, I think this is going to be a lot slower, will will probably see about $10 to $25 billion over the course of a year or two."
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