TL;DR
- Bitcoin exceeded $35,000, attributed to the anticipated approval of BlackRock’s spot Bitcoin ETF in the US.
- Experts, including Lark Davis and Matrixport, predict that ETF approval could send Bitcoin’s price between $42K-$100K.
- Anthony Scaramucci believes SEC approval might increase Bitcoin’s valuation from $600 billion to $6 trillion.
The price of Bitcoin (BTC) has been among the most intriguing topics in the cryptocurrency space for years. Recently, it skyrocketed above $35,000, giving bulls fresh hopes that a further rally might be on the cards. It is worth noting that such a valuation was last seen in May 2022.
Bitcoin’s impressive performance lately is undoubtedly due to the potential approval of BlackRock’s application to launch a spot BTC ETF in the United States. Earlier this week, the company’s product was listed with the Depository Trust & Clearing Corporation, and many assumed that this was the last step before the SEC’s long-awaited nod.
Multiple experts and analysts have suggested over the past several months that approving a spot BTC ETF in the States could have an explosive effect on the price of the leading digital asset. One such person is the popular entrepreneur and Bitcoin investor using the X (Twitter) handle, Lark Davis.
He compared the possible launch of a spot BTC ETF in America to the approval of that type of product focused on gold in 2004. The price of the yellow metal has risen almost 400% since then, with Davis arguing the same thing might happen to Bitcoin in the following years.
The digital assets financial services platform – Matrixport – also laid out a bullish forecast, assuming the ETF sees the light of day in the world’s largest economy. The team behind the organization expects to see BTC trading between $42K and $56K once the SEC says “yes.”
It is worth mentioning that ChatGPT estimated that the asset has a chance to skyrocket to the coveted level of $100,000 if the product goes live. However, other factors like the upcoming halving, regulatory developments, and interest from institutional investors should also be in place for the surge.
How About an 11,000% Jump?
Another prominent figure who recently gave their two cents on the matter was the former White House official – Anthony Scaramucci. The Founder and Managing Partner of SkyBridge Capital predicted that BTC could multiply its price by 11 times should the SEC approve a spot Bitcoin ETF in the States:
“Think of the magnitude of that. If there’s a hundred billion dollars that flows into Bitcoin, the guys at Fidelity think that could have an 11 times factor in terms of valuation, so you could see Bitcoin go from a $600 billion asset to a $6 trillion asset.”
The SEC’s probable approval of a spot BTC ETF is not the only element that could act as a catalyst for Bitcoin’s price. Those willing to see what other factors could play a role and the top five price predictions coming from experts could take a look at our video below:
