Today, Bitcoin's price soared over $30,000, fuelled by expectations of a spot Bitcoin ETF approval by the SEC. This increase demonstrates the cryptocurrency's resilience and market attractiveness, despite risks associated with centralizing Bitcoin through an ETF. These risks include potential price manipulation by speculators and alterations to its unique codes of ownership and decentralization features.
Industry leaders such as Paul Grewal from Coinbase (NASDAQ:COIN) and Michael Novogratz from Galaxy Digital voiced optimism for the cryptocurrency's future. Despite the SEC's delay in listing the ETF, Novogratz holds a bullish opinion for a year-end approval. Entities like GLXY and Greyscale's GBTC, which are pivotal players in the crypto industry, are also being closely monitored.
In addition to this, Skybridge Capital's Anthony Scaramucci anticipates a major Bitcoin price surge contingent upon SEC approval of Blackrock (NYSE:BLK)'s Bitcoin ETF. Scaramucci projects an 11-fold growth in Bitcoin's market value, potentially driving its capitalization beyond $6 trillion and its price over $300,000. This projection is based on these ETFs generating hundreds of billions in new capital inflows into the Bitcoin market over a three-year timeframe.
Scaramucci also underscored the influence of the fourth Bitcoin halving event expected in April 2024 and a potential subsequent bull run year on Bitcoin's price dynamics. However, Scaramucci did not offer a specific timeline for his bullish forecast.
The Skybridge Capital founder also criticized SEC Chairman Gary Gensler's approach towards cryptocurrencies. He suggested that Gensler's perceived inconsistency could pose persistent challenges to the crypto industry.
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