• Tom Lee of Fundstrat Global Advisors predicts that the approval of a Bitcoin ETF could send BTC to over $150,000.
• Former SEC official John Reed Stark says a spot-based Bitcoin ETF is likely to be approved if a Republican is elected President in 2024.
• The halving event next year will also provide tailwinds for Bitcoin’s price increase.
Bitcoin Bull Tom Lee Predicts ETF Approval Could Push BTC To $150,000
Tom Lee of Fundstrat Global Advisors believes that the approval of an exchange-traded fund (ETF) for Bitcoin (BTC) could push its price up to over $150,000. In an interview with CNBC, Lee says that crypto benefits from cooling inflation given central bank easing can be expected soon thereafter. He also notes that the halving event next year will provide additional tailwinds for BTC’s price increase.
Former SEC Official Believes Republican President Will Bring Spot-Based Bitcoin ETF Approval
John Reed Stark, former official of the U.S. Securities and Exchange Commission (SEC), said this week that should a Republican get elected US President in 2024, then the SEC would become more receptive to approving a spot-based Bitcoin exchange-traded fund (ETF). He added that there would likely be fewer enforcement efforts against crypto companies and more focus on fraud cases instead.
Halving Event Expected To Create Tailwinds For BTC Price Increase
The upcoming halving event for Bitcoin is expected to create additional tailwinds for its price increase. This event reduces new supply and affects the clearing price by increasing demand as miners are incentivized to hold rather than sell their coins after mining them due to lower rewards post-halving events.
Implications Of A Spot-Based Bitcoin ETF
If approved, a spot-based bitcoin exchange traded fund has the potential to significantly boost demand as it allows investors easier access to cryptocurrencies through traditional brokerage accounts without having to purchase them directly from exchanges or wallets. This could lead to higher prices as demand surpasses supply on most days leading up to the launch date of such an ETF product .
The approval of a spot based Bitcoin exchange-traded fund (ETF) could have significant implications on its price given increased access and greater demand for it compared with other existing products or services available today in order to acquire it directly from exchanges or wallets . Halving events are also expected to play their part in boosting BTC prices due their effect on reducing supply while increasing demand among miners who prefer holding rather than selling their coins post halvings .