As reported by Bitcoinist on August 2nd, analysts James Seyffart and Eric Balchunas from Bloomberg Intelligence have significantly increased their prediction for the approval odds of a Bitcoin (BTC) spot Exchange-Traded Fund (ETF) to 65%. 

This upward revision is based on notable advancements within the industry. Notably, just a few months ago, they had assigned a mere 1% chance for ETF approval.

There has been speculation that the odds of a Bitcoin ETF gaining approval might increase due to a recent video posted on Twitter by U.S. President Joe Biden. 

In the video, Biden is seen drinking from a mug adorned with laser eyes, possibly symbolizing a bullish sentiment toward Bitcoin and other cryptocurrencies. The color of the laser eyes also holds significance, with blue representing Ethereum (ETH) and red pointing to Bitcoin, according to certain crypto community members. 

This attention to detail has sparked further discussions regarding the President’s stance on digital assets.

In response to the video, James Seyffart provided his interpretations, suggesting that the video has “further bolstered his confidence in the likelihood of a Bitcoin ETF gaining approval.” However, Seyffart offered a different perspective on the video, downplaying the connection to the cryptocurrency world.

He stated that the laser eyes mug might reference the “Dark Brandon” memes popularized last year rather than a deliberate signal about cryptocurrency. Similarly, he suggested that the video may be a nod to internet memes rather than a “deliberate indication of the President’s stance on cryptocurrencies.”

While Seyffart’s reaction suggests increased optimism regarding the possibility of a Bitcoin ETF approval, his other point of view offers a more nuanced viewpoint, highlighting a potential alternative explanation for the video’s symbolism.

The video has generated significant attention within the cryptocurrency community, with enthusiasts and analysts dissecting its meaning.

Nevertheless, Biden’s administration has taken a non-crypto stance since the start of its administration, with the Securities and Exchange Commission (SEC) as its watchdog towards the nascent crypto industry and its ongoing regulatory crackdown.

In a recent campaign rally in New Hampshire, Florida Governor, and U.S. presidential candidate Ron DeSantis made significant promises regarding the future of BTC and cryptocurrency if he were to be elected president. 

DeSantis vowed to put an end to what he referred to as Joe Biden’s “war on Bitcoin and cryptocurrency.” They emphasized his commitment to allowing Americans the freedom to invest in digital assets.

During his speech, DeSantis highlighted the importance of individual choice, stating:

We are going to let Americans invest in things like bitcoin and cryptocurrency. No one’s forcing you to do it. If you want to do it, you can do it.

Furthermore, DeSantis expressed his opposition to the potential launch of a central bank digital currency (CBDC) by the Federal Reserve (Fed). He pledged to reject any attempt by the Fed to impose a CBDC on the American people, declaring that the concept of a CBDC would be discarded on his first day as president. 

However, as the debate continues, market participants eagerly await further developments and announcements that may shed light on the future of Bitcoin ETFs and the broader regulatory landscape for cryptocurrencies.

Featured image from X, chart from TradingView.com 

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