The long journey to have Bitcoin ETFs available to U.S. traders could be nearing an end date with a recent ruling against the U.S. Securities and Exchange Commission for previously rejecting an ETF conversion.

Here’s a look at the early history of Bitcoin ETF proposals and how investors could have cashed in if they invested when the first fund was proposed.

What Happened: On Tuesday, a federal court ruled against the SEC for rejecting a request from Grayscale Investments to convert its Grayscale Bitcoin Trust GBTC into an ETF.

The order from the court doesn’t guarantee the closed-end fund will become an ETF, but directs the SEC to review the application from Grayscale.

“The Commission failed to adequately explain why it approved the listing of two bitcoin futures ETPs but not Grayscale’s proposed bitcoin ETP. In the absence of a coherent explanation, this unlike regulatory treatment of like products, is unlawful. We therefore grant Grayscale’s petition for review and vacate the Commission’s order,” said the ruling.

The decision from the court could expedite the approval of several Bitcoin ETFs that have been filed and await approval. Bitcoin ETFs have been filed by the likes of BlackRock BLK, WisdomTree WT, Invesco, Valkyrie Investments, Ark Invest, VanEck and Fidelity.

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Before the recent Bitcoin ETFs were filed or the Grayscale Bitcoin Trust was launched in September 2013, there was an S-1 filed for a Bitcoin ETF with the SEC.

On July 1, 2013, Cameron and Tyler Winklevoss filed the Winklevoss Bitcoin Trust as a planned Bitcoin ETF. The Winkelvoss twins saw their initial filing and a second attempt rejected in 2018.

The Winklevoss twins are the founders of Gemini, a cryptocurrency exchange, and known as two of the largest Bitcoin proponents worldwide.

Cameron Winklevoss commented on the status of Bitcoin ETFs on the 10-year anniversary of the filing, which happened last month.

“The SEC’s refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator,” Winklevoss wrote.

Winklevoss accused the SEC of helping to push investors into FTX, which eventually went bankrupt and was “one of the largest financial frauds in modern history.”

The Gemini co-founder wished luck to all the companies fighting to bring Bitcoin ETFs to market.

In light of the recent court decision on Grayscale, experts are increasingly convinced that the approval of Bitcoin ETFs is now a question of 'when,' not 'if.' This shift in sentiment comes a decade after the initial filing for a Bitcoin ETF.

If investors chose to buy Bitcoin at that time, they would have enjoyed market-beating returns.

Related Link: How To Buy Bitcoin 

Investing $1,000 in BTC: Bitcoin hit all-time highs of nearly $69,000 in November 2021 and has traded above $10,000 for many years. It may be surprising to some that Bitcoin traded below $100 in parts of 2013 and that year marked the first time the leading cryptocurrency hit the $1,000 level.

On July 1, 2013, Bitcoin traded for around $90.80. A $1,000 investment in Bitcoin could have purchased 11.0132 BTC at the time.

Based on a price of $27,150.96 at the time of writing, the $1,000 investment would be worth $299,018.95 today. This represents a hypothetical return of 29,801.9% over the last 10 years.

Over the past decade, Bitcoin has delivered stronger returns than leading stocks and has outpaced the overall market.

For comparison, a $1,000 investment in the SPDR S&P 500 ETF Trust SPY, which tracks the S&P 500, would be worth $3,371.94 today. This represents a gain of 237.2% over the last 10 years.

A $1,000 investment in Tesla Inc TSLA over the same time period would be worth $33,190.53 today. This represents a hypothetical return of 3,219.1%.

A $1,000 investment in Apple Inc AAPL over the same time period would be worth $15,382.31 today. This represents a hypothetical return of 1,438.2%.

While Bitcoin may not beat the market and leading stocks by the same amounts over then next decade, there is increased optimism that the approval of Bitcoin ETFs and another Bitcoin halving in 2024 could be catalysts to propel the price higher.

Read Next: If You Invested $1,000 In Coinbase Stock When The SEC Lawsuit Was Filed, Here's How Much You'd Have Today 

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