Benzinga - Former White House Communications Director and Founder of SkyBridge Capital, Anthony Scaramucci, on Thursday, made a prediction that the Bitcoin Cash (CRYPTO: BCH) Exchange-Traded Fund (ETF) could be approved by the Securities and Exchange Commission (SEC) this week, suggesting that it is an opportune time to "bury the news" while people are not paying attention.
What Happened: Bitcoin Cash is a cryptocurrency that was created in 2017 as a result of a hard fork from the original Bitcoin (CRYPTO: BTC) blockchain.
Just a theory: and don't be surprised if it happens, but it feels like the bitcoin cash ETF could be approved next week. It's a holiday week and it's also a way to bury the news when people aren't paying attention. Classic news dump. Market isn't expecting it. Be ready.— Anthony Scaramucci (@Scaramucci) December 22, 2023
This statement comes as several companies, including BlackRock, Grayscale, Fidelity Investments, WisdomTree Inc., Ark Invest, and 21Shares, have filed applications to launch a spot Bitcoin ETF. The majority of these filings occurred in June, with a number of these firms making additional amendments in recent months. However, not a single application has yet been approved by the SEC.
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Why It Matters: Last week, SkyBridge Capital, announced that it achieved exceptional performance in its cryptocurrency investments.
According to Scaramucci, the firm’s Coin Fund, which includes Bitcoin, Ethereum (CRYPTO: ETH), and Solana (CRYPTO: SOL), has risen by approximately 130%. In addition, the company’s Bitcoin funds are believed to have increased by as much as 127%.
Scaramucci has previously discussed the possibility of a Bitcoin Cash ETF, stating in a 2022 interview with The Block that, “a cash Bitcoin ETF will happen sometime this year.” He said during the podcast, “Buddies of mine have very large institutions, that unfortunately for right now have to remain nameless due to confidentiality, that are gearing up and ready to pounce on the Bitcoin cash ETF.”
Price Action: At the time of writing, BCH was trading at $233.88, up 1.75% in the last 24 hours, according to Benzinga Pro.
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