Exchange-traded funds could account for 10% of Bitcoin's market value within three years, if the United States adopts a fund that invests directly in the cryptocurrency, according to a research report from Sanford C. Bernstein.
The possibility of creating an instant Bitcoin ETF has risen, Gautam Shogani, an analyst at Bernstein, wrote in a report Monday.
The Grayscale Bitcoin Trust currently owns about 4% of the existing Bitcoin. Bernstein expects regulatory approval to create its own growth cycle that will benefit retail and other institutional streams.
The US Securities and Exchange Commission had delayed its decision to consider the application of the ARK 21Shares Bitcoin ETF - leaving the crypto community on anticipation for the creation of an instant bitcoin fund. More other review requests have also been postponed until next September.
