Spot ETF Approval Timeline (Patreon)

Most imp piece - Schoenfield's company anticipates a "$150 to $200 billion inflow" into Bitcoin products over three years following spot ETF approval, potentially doubling or tripling AUM in current Bitcoin products. That will be HUGE

Some key quotes from the piece

1. Steven Schoenfield: "I give the U.S. Securities and Exchange Commission “three to six months” before it approves a Bitcoin spot ETF."
2. Martin Bednall: “The SEC will probably approve [all ETF applications] at the same time; I don’t think they want to give anybody first mover advantage.”
3. Shoenfield: “Instead of completely rejecting the whole list, they've asked for comments, which is a marginal but significant improvement in the dialogue.”
4. BlackRock chief Larry Fink in 2017: "Bitcoin is an “index of money laundering.” Fast forward to summer 2023, Fink: "Crypto is digitizing gold in many ways.”
5. Shoenfield on BlackRock's competition: “I disagree with my former colleague Martin. As much as Blackrock will try to crush the competition... I think Blackrock will be in for quite a fight.”