2023-09-04 11:02:24
The spot Bitcoin ETF is currently the hottest topic in the X crypto community, and advocates believe it is the last hurdle to mass cryptocurrency adoption. The founder of the cryptocurrency trading bot platform CryptoSea, who calls himself Crypto Rover in X, believes that the flagship cryptocurrency will reach $100,000 and that it is inevitable when a Spot ETF hits the market.
Crypto Rover took to X on Sunday, September 3 to say that 2021 was the year of the institutional bull run, but that 2024 holds much more than that, with BlackRock leading the way. He predicted that the $100,000 milestone seems inevitable with a spot ETF on the table.. He wrote:
“Many believed that 2021 was the year of the institutional bull run. But just wait for 2024, especially with Blackrock on board… Given these spot ETFs, a $100,000 #Bitcoin will seem inevitable.”
Many believed 2021 was the year of the Institutional Bull Run.
But just wait for 2024, especially with Blackrock on board…
Given these spot ETFs, a $100,000 #Bitcoin will seem inevitable.
— Crypto Rover (@rovercrc) September 3, 2023
In a separate tweet, he said that a spot Bitcoin ETF would lead to billions of dollars flowing into the market, as an ETF offers “significant tax advantages and the ability to borrow once morest him.” “Therefore, buying spot Bitcoin ETFs might be more attractive, especially for pension funds”I declare.
Some doubt the impact of a Spot #Bitcoin ETF on its price.
Let me clarify: it would lead to billions flowing into the market.
Here’s why:
It’s crucial to understand that an ETF offers significant tax advantages and the ability to borrow once morest it. Therefore, buying Bitcoin… pic.twitter.com/xHBgDP8Fdv
— Crypto Rover (@rovercrc) September 3, 2023
Another analyst, Ricky Bobbyy, said that a Bitcoin spot ETF would allow companies to hold Bitcoin on their balance sheets without changing their bylaws or taking absurd accounting measures, allowing tens of billions of dollars to flow in a short time. time. In a blog from Medium, argued that a Bitcoin ETF would be an explosive catalyst, that would spark a marketing war between vendors that would attract hordes of resistant retail investors.
Agreed. It would also allow corporations to put part of their balance sheets in BTC without the absurd accounting regs, or bylaw issues.
Would also ignite a marketing war between providers, all pushing BTC to their clients.
A few other hugely bullish points a lot of folks…
— Ricky Bobbyy (@fourthesauri) September 3, 2023
In another massive price prediction, Fundstrat Global Advisors’ Tom Lee, in a talk on CNBC, mapped out a price range of $150,000 to $180,000 for Bitcoin (BTC) in 2024 with an ETF under consideration.
The Odds Of Approving A Bitcoin Spot ETF Are Great
There is no doubt that a spot ETF holds big rewards for Bitcoin, but what are the chances that an ETF will be approved? Speaking to CNBC, former SEC Chairman Jay Clayton recently said that a Bitcoin ETF is inevitable, since “the dichotomy between a cash product and a forward product cannot last forever”.
JUST IN: ???????? Former SEC Chair Jay Clayton says Spot #Bitcoin ETF approval is “inevitable” pic.twitter.com/75dgWzDtqe
— Watcher.Guru (@WatcherGuru) September 1, 2023
JPMorgan analysts have also recently said that the US SEC would be forced to approve Bitcoin spot ETFs following the Grayscale win, arguing that the SEC would have to withdraw its previous approvals of futures ETFs to justify their denial. of Grayscale’s proposal to convert its GBTC into an ETF. But such a move is unlikely, as it would be highly embarrassing for the SEC.
However, the SEC has once once more postponed its decision on several Bitcoin ETF applications. The crypto community has to wait until October 17 for the next SEC decision on BlackRock’s application.
The next SEC ruling on BlackRock’s Spot #Bitcoin ETF is on October the 17th (45 days from today). pic.twitter.com/Pr4TsF9Uzr
— Crypto Rover (@rovercrc) September 1, 2023
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