The long-awaited spot Bitcoin exchange-traded fund (ETF) is getting closer to approval, marking a huge milestone for the crypto market.

With many experts believing that the ETF will encourage institutional investors to buy Bitcoin, we asked Google Bard how it could affect the coin’s price.

We also asked Bard which up-and-coming BTC alternatives could also benefit from a spot ETF approval – with Bitcoin ETF Token (BTCETF) emerging as a standout candidate.

The Long Road to Spot Bitcoin ETF Approval in the US

The possibility of a spot Bitcoin ETF being approved in the US has been discussed for over a decade now, yet the SEC has rejected all applications so far, citing concerns around volatility and price manipulation.

However, 2021 saw the approval of several BTC futures ETFs, indicating that the SEC is opening up to crypto-based financial products.

Another major development came in August of this year, when Grayscale Investments won a court case against the SEC, with the judge ruling the regulator was “arbitrary” in denying Grayscale’s spot BTC ETF application.

According to reports, there are currently 12 pending ETF applications in front of the SEC from various asset managers, including BlackRock, VanEck, and Fidelity.

Analysts believe there is a high likelihood the SEC approves at least one of these applications by early 2024, given the positive momentum behind them.

Notably, the SEC now has a window from November 9-17 where they could potentially approve the first batch of filings, with additional decisions on the remaining ones to come later.

Google Bard Weighs In on How a Spot BTC ETF Could Impact Crypto Prices

While the potential impact of a spot BTC ETF in the US has been hotly debated, we asked Google’s AI chatbot, Bard, what it thought about Bitcoin’s prospects in the wake of an ETF approval.

Bard noted that a spot Bitcoin ETF would likely have a “positive” effect on Bitcoin’s price due to increased accessibility