bitcoin

By Bill Taylor/ Fintek Capital

Remember the old saying "If at first you don't succeed try, try again?"

Well that certainly applies to anyone trying to get the SEC (Securities and Exchange Commission) to approve a Bitcoin ETF. Several Bitcoin ETFs have already been rejected (for a variety of reasons), but after each one fails to win the regulator's blessing, several more pop up, each one claiming to have addressed the SEC's objections for refusal. So get ready for more expectations and drama because over the next two months no less than

nine

(9) proposals for this Holy Grail of ETFs will get voted on by the SEC. Or not.

Each time a deadline for a decision gets near buyers begin pushing the price of bitcoin up, speculating that this time its really going to happen. So far their track record is......well, not so good. But now with some very big names presenting ETF products to the regulators, the odds favor a positive decision (or should). ProShares, Direxion, GraniteShares all have several bitcoin products awaiting the magical decision,n while an ETF backed by SolidX and VanEck just had their proposal postponed.

The first big date to circle on the calendar is

August 23

(like, next week) when two funds from ProShares are up for a "yea or nay" vote. September brings several deadlines starting on

Sept. 15

(GraniteShares...2 funds) and

Sept.21

(Direxion...4 funds) while the postponed SolidX/VanEck gets a new chance on the

30th

. Now, since most of these products were initially proposed at the start of this year, and have experienced delays already, don't circle those "decision dates" on your calendars in ink (use pencil). Without going into boring SEC rules, keep in mind the regulator has multiple ways to push off decisions (45 days, 240 days, etc. etc.) and may do so again.

So get ready for some bitcoin volatility. Maybe these next few weeks will bring the nirvana of a bitcoin ETF to one of the sponsor firms..........or not. One thing isfor sure, all this is a bonanza for the legal firms.

Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews