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Andrew Tate says he’s ‘estimating’ approval of a spot Bitcoin ETF

Andrew Tate says he’s 'estimating' approval of a spot Bitcoin ETF

Former world kickboxing champion and social media figure Andrew Tate has revealed he is closely monitoring the regulatory developments concerning the potential approval of a spot Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC).

In a recent Twitter post dated August 3, Tate ventured to provide he is pondering into the likelihood of the SEC’s endorsement of the Bitcoin ETF. This proclamation coincided with his musings on various other topics, including discussions about the Matrix attack, ongoing legal proceedings, and the meticulous management of his substantial portfolio, encompassing 22 real estate properties and a fleet of 50 luxury automobiles.

The competition for a coveted spot in the Bitcoin ETF arena is currently fierce, with multiple entities vying for regulatory approval. These contenders include Grayscale Bitcoin Trust, Ark/21 Shares Bitcoin Trust, Bitwise Bitcoin ETF Trust, BlackRock Bitcoin ETF Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Valkyrie Bitcoin Fund, Invesco Galaxy Bitcoin ETF, and Fidelity Wise Origin Bitcoin Trust.

However, it’s worth noting that the SEC has opted to defer its decision on granting the United States inaugural Bitcoin-focused ETF until October. In the preceding month, the SEC initiated a comprehensive review process, encompassing submissions from both cryptocurrency-focused and traditional financial institutions.

Proponents of a Bitcoin ETF believe that its eventual approval would streamline retail participation in the Bitcoin market, negating the necessity for individual cryptocurrency wallets or direct digital asset acquisitions.

Tate’s crypto holdings

As of March, detailed information regarding Andrew Tate’s cryptocurrency holdings remains elusive. However, following his widely publicized arrest in Romania in December 2022, local law enforcement had seized nearly $500,000 worth of Bitcoin from both Andrew and his brother Tristan’s cryptocurrency wallets.

Notably, just before his arrest, Andrew Tate appeared Anthony Pompliano’s Bitcoin podcast. During this appearance, he extolled the virtues of decentralized finance (DeFi) as a means to overcome the limitations of traditional fiat transactions.

He proudly declared his full immersion in the world of blockchain technology and recounted his remarkable journey, declaring he was “going fully crazy mister blockchain now” and boasting of turning “600 grand to $12 million.”

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