Eric Balchunas of Bloomberg predicts Solana spot ETFs’ fate depends on the November election. A Biden win may halt progress; a Trump win could keep them viable. Decision expected by mid-March 2025.
Solana ($Sol) is a high-scalability Proof-of-Stake (PoS) crypto network, theoretically capable of 70,000 transactions per second. However, practical performance has typically been below 2% of this capacity.
On 9 July 2024, Eric Balchunas, a Bloomberg ETF expert, commented on the future of Solana spot ETF applications. He indicated that the final deadline for these ETFs is set for mid-March 2025.
However, he stated that a crucial date is coming up in November, which could determine the fate of these applications. Balchunas noted that if President Biden wins the upcoming election, the Solana spot ETFs might be dead on arrival. Conversely, if former President Trump wins, there is a possibility that these ETFs could move forward.
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Earlier this year, Matthew Sigel, Head of Digital Assets Research at VanEck, predicted that VanEck’s Solana spot ETF proposal hinges on speculation about former US President Donald Trump winning the US presidency.
It is worth noting that former US President Donald Trump initially expressed negative views on Bitcoin. However, by 2024, he adopted a more crypto-friendly stance.
Two years ago, he launched his NFTs on the Polygon blockchain network and later on the Solana network. In a surprising move, he has fully embraced crypto to gain vote support from the crypto community in the upcoming presidential election.
Solana (Sol) price action
The current trade price of Solana coin is $139 & this price is 6.4% high over the last 24 hours.
Read also: Grayscale to Launch Ethereum Spot ETF Trading on 18 July
Bloomberg ETF Expert Eric Balchunas on Solana Spot ETF Applications: Donald Trump & Sol spot ETF
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