Financial Advisors Keen For Spot Bitcoin ETFs, Awaiting SEC Green Light, Says Ric Edelman

Ric Edelman, founder of Edelman Financial Services, has shed light on the eagerness amongst financial advisors to launch spot bitcoin exchange-traded funds (ETFs) to their clients, contingent upon approval by the U.S. Securities and Exchange Commission (SEC).

What Happened: Edelman spoke on Coindesk’s Unchained podcast about the readiness of financial advisors to offer spot bitcoin ETFs, once the U.S. Securities and Exchange Commission (SEC) greenlights them, reported Bitcoin.com.

“Every compliance department will say okay to that product because it's just an ETF like other thematic ETFs,” he stated.

According to a survey shared by Edelman, around 77% of advisors are on standby for the spot Bitcoin BTC/USD ETF to be made available for their clients. He emphasized that these ETFs would be similar to others used for investing in sectors such as technology, oil and gas, gold and precious metals, and emerging markets.

See Also: From ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Surge To Bitcoin’s ETF Approval And Possible BTC Boom: Crypto Weekend Roundup

Additionally, Edelman mentioned that 47% of advisors already have Bitcoin in their portfolios, hinting at their confidence in the asset’s potential to yield significant investment returns.

Why It Matters: There is a widespread expectation that the SEC will approve multiple spot bitcoin ETFs at the same time. Bloomberg ETF analyst Eric Balchunas has predicted a 90% chance of approval by Jan. 10, a forecast that has remained steady for several months.

Meanwhile, Bitcoin crossed the $40,000 level for the first time since late April 2022 on Sunday. The rise in Bitcoin prices comes amid a backdrop of a gradual rally, which has been fueled by expectations linked with the approval of a Bitcoin Spot ETF by the Securities and Exchange Commission.

Read Next: BlackRock ‘Increasingly Confident’ About SEC’s Approval Of Its Spot Bitcoin ETF: Report

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