BitcoinBTC has enjoyed a huge rally in recent weeks, getting back into a Bitcoin price bull market despite fears that the US could be about to “kill” it.
Subscribe to now to Forbes’ CryptoAsset and Blockchain Advisor and successfully navigate the Bitcoin and crypto market roller coaster ride ahead of next year’s historic Bitcoin halving!
The price of Bitcoin has more than doubled since November last year (with recent events suggesting that 2024 could have an even bigger impact).
Now Dan Morehead, the influential founder of Bitcoin and crypto investment firm Pantera Capital, has predicted that Bitcoin’s “worst kept secret” could soon have a “big” impact.
Bitcoin’s historic halving, which is expected to trigger crypto price chaos, is just around the corner! Register now for the free CryptoCodex—A daily newsletter for traders, investors and those interested in crypto to keep you up to date
Some expect Bitcoin price to have devastating consequences.Getty Images
“As we approach what appears to be blockchain’s worst-kept secret, the launch of a series of spot Bitcoin ETFs, will the news, when it finally comes, be a time to sell,” Morehead asked in a blog post.
Bitcoin prices were boosted in June by BlackRockBLK, the world’s largest asset manager, when it made a surprise application to launch a Bitcoin spot exchange-traded fund (ETF), potentially opening up the Bitcoin market to the US -Wealth management worth $48.3 trillion opened industry.
BlackRock’s Bitcoin spot filing sparked a flood of rival Wall Street giants applying for their own Bitcoin funds, with the US Securities and Exchange Commission (SEC) currently weighing around a dozen applications.
Sign up for CryptoCodex now– A free, daily newsletter for those interested in crypto
The price of gold is rising along with gold as the Federal Reserve keeps interest rates stable to fight inflation.Forbes Digital Assets
“A BlackRock ETF fundamentally changes access to Bitcoin,” Morehead wrote. “It will have a huge (positive) impact. We strongly believe that many spot Bitcoin ETFs will be approved. We also believe this will happen in a month or two – not years.”
In recent weeks, expectations have risen that approval of a Bitcoin spot ETF is imminent, with analysts at Bloomberg Intelligence estimating the likelihood of the SEC greenlighting a fund by January 2024 at 90%.
Morehead added that the launch of a long-awaited U.S. Bitcoin spot ETF was a rare example of a “buy the rumor, buy the news” event – unlike crypto exchange Coinbase’s Nasdaq listing and the launch of a Bitcoin -Futures ETF at the end of 2021 This coincided with the recent highs in Bitcoin price.
Follow me up Twitter.
I am a journalist with extensive experience in technology, finance, business and business around the world. As founding editor of Verdict.co.uk, I have reported on how technology is changing the economy, political trends and the latest culture and lifestyles. I have covered the rise of Bitcoin and cryptocurrencies since 2012, charting its emergence from a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the Internet itself. I have worked and written for CityAM, the Financial Times and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally own a small amount of Bitcoin and other cryptocurrencies.
Read moreRead less
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.