Holding Little Bitcoin “Could Go A Long Way”

At a time when Bitcoin price looks more probable to go further higher than lower, Jurrien Timmer, director of global macro at Fidelity, suggested that in a majority of portfolios, having a minor share of BTC investment could help a huge deal, in what could be a bet on the upside potential thanks to the anticipation of the U.S. Securities and Exchange Commission’s (SEC) likely approval of the first ever spot Bitcoin ETF.

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Little Bitcoin In Most Portfolios

Explaining the volatile nature of Bitcoin, Timmer said the top cryptocurrency way above many assets like S&P 500 and Gold, in terms of the risk to return ratio. Hence, he argued that in most of the portfolios, having a little BTC “could go a long way.” He added that “Bitcoin has been in a risk-reward class by itself so far this decade.”

Meanwhile, Fidelity got its spot Bitcoin ETF listed on the Depository Trust & Clearing Corporation with the ticker $FBTC. This could well be in anticipation of a near-future approval. The Depository Trust & Clearing Corporation is US based post-trade financial services company that provides clearing and settlement services to the financial markets.

Fidelity’s Spot Bitcoin ETF Filing

Among several financial giants like Blackrock, Fidelity is also in the fray for approval of the spot Bitcoin ETF from the US SEC. While the Commission does have a small window of opportunity between January 6-10, 2024 for giving out the approval, it remains to be seen if the agency chooses to delay it further due to technical reasons. Analysts have been anticipating approval of multiple applications en masse, to avoid giving a single company the first mover advantage.

Earlier, CoinGape reported that the SEC opened a public comment window on the proposed rule change on approving the spot Ethereum ETF filing by Fidelity Investments.

Also Read: VanEck Makes 15 Crypto Predictions, Here’s its Take on Bitcoin ETF

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Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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