Most in the crypto community seem to believe this month, the U.S. SEC will approve one or more spot Bitcoin ETFs. However, opinions vary on how such approvals might affect Bitcoin's price. Several prominent crypto influencers have weighed in, with most suggesting that the market has not fully priced in the potential SEC approval.
Samson Mow says the market hasn’t fully accounted for several factors that could influence Bitcoin's value. He lists the expected ETF approvals, the upcoming Bitcoin halving, increased adoption by nation-states, possible renewed quantitative easing, the multiplier effect, and the Veblen effect as elements not yet reflected in Bitcoin’s current price.
Kyle Chassé argues that the recent excitement in Bitcoin’s price doesn’t fully capture the potential impact of an ETF approval. He believes such approval could lead to a significant supply shock, with trillions of dollars potentially moving to purchase Bitcoin, and advises investors to stay alert to this opportunity.
Michaël van de Poppe expects that a spot ETF approval might initially cap Bitcoin’s price growth, potentially peaking between $48,000 and $52,000, followed by a period of stable, range-bound trading leading to a new all-time high by late 2024.
Gabor Gurbacs suggests that the initial impact of a spot Bitcoin ETF might be overestimated, but its long-term influence is likely underestimated. He draws parallels with gold and emphasizes the need to focus on Bitcoin's broader, long-term implications in shaping its own capital markets and financial products.
Alistair Milne believes that several key factors, including spot ETF approvals, the Bitcoin halving, upcoming interest rate cuts, investor conviction, and increasing global adoption, have not been fully factored into Bitcoin’s current market price.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/jan/01/
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