Definitely a potential catalyst for BTC prices given the experience with Gold ETFs. To add fuel, consider that there is much less BTC available then there was Gold at the time so it coukd be even more exponential from a market cap perspective and that is why I also think there is hesitation from the SEC for approval. They want to see a limit as to how much can be held of the sort to keep demand controlled; otherwise, price could get out of control in my opinion.
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That is certainly part of it. It would take a lot less capital to send Bitcoin up 5X than it took to send gold up 5X. It is possible that the SEC is thinking about that. They have said numerous times they are worried about price manipulation in the spot markets because they aren't regulated.