b-news.net reported yesterday that Goldman Sachs is moving to solve Bitcoin’ main obstacle for institutional investors: custody. This comes hot on the heels of other companies like the operator of the New York Stock Exchange (NYSE) and Starbucks looking to get into cryptocurrency with a new digital assets trading platform, dubbed Bakkt.
But this week could provide some more bullish news for Bitcoin price $7104.47 +0.52% as the U.S. Securities and Exchange Commission (SEC) might finally approve a Bitcoin exchange-traded fund (ETF) this Friday.
The possibility of a Bitcoin ETF is once again at the forefront. The SEC is now considering whether to approve a petition filed from global investor VanEck and SolidX Partners Inc. To make the determination, the SEC will meet on August 10, 2018.
In June 2018, VanEck and SolidX announced that they were joining forces to list a physically-backed Bitcoin ETF. This ETF is to be insured against loss or theft of Bitcoin. As reported by Bussiness Wire, Jan van Eck, Chief Executive Officer of VanEck said:
I believe that bitcoin has emerged as a legitimate investment option, as a type of ‘digital gold’ that may make sense for investors’ portfolios.” And, he added, “The SolidX team has in-depth experience with bitcoin, cryptography, and capital markets.
VanEck and SolidX had already filed petitions separately. VanEck filed the petition for a Bitcoin ETF in August 2017, while Solidx filed it in March 2016.