Money & Business

Spot ETF Momentum, ‘Unprecedented Demand’ Set to 10x Bitcoin Price

As 2023 comes to a close, momentum around more than a dozen proposals for spot bitcoin exchange-traded funds (ETFs), along with other macro factors, is building toward new BTC price all-time highs next year.

Major financial institutions including BlackRock, Fidelity, Franklin Templeton and many others have filed applications to offer spot bitcoin ETFs, which are currently under review by the U.S. Securities and Exchange Commission (SEC).

As momentum around potential approval builds, applicant Bitwise recently released a commercial to promote its proposed product:

https://twitter.com/BitcoinMagazine/status/1736766216025374764?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1736766216025374764%7Ctwgr%5E3b0b15b548e06340bba2960993038083a0479240%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.thestreet.com%2Fcrypto%2Fmarkets%2Fspot-etf-momentum-demand-to-10x-bitcoin-price

“Bitwise, they’re so confident that (the ETF) is coming, that they already created a commercial,” TheStreetCrypto’s George Tung reported in the video above. “Bitwise (and) everyone else is so confident that an ETF is right around the corner and that will change everything, my friends.”

As a spot bitcoin ETF would give more traditional investors a brand new and more attractive avenue to gain bitcoin exposure, such an offering is expected to draw billions in institutional capital.

For those who have already become convicted around bitcoin investment, confidence is growing.

“As if he wasn’t bullish enough, (Michael Saylor said) the unprecedented demand is going to 10x bitcoin,” Tung added, pointing to a recent interview with the MicroStrategy CEO. “That means this cycle, we’ll hit $400,000-plus. Hey, it might happen.”

As institutional adoption of bitcoin continues to raise its profile in the eyes of more traditional investors, and potential exponential price gains once again bring it to the forefront of mainstream attention, the decentralized, digital asset is poised to fulfil new use cases around the world.

“Franklin Templeton says that all nations will start holding Bitcoin,” Tung reported. “You know how all nations hold gold? They’ll start holding bitcoin simply because it’s easier to do transactions with bitcoin.”

Even as the bitcoin price struggles to break through the low $40,000 range, previous market cycles and a slew of bullish factors in the near future suggest this could be a bottom before exponential gains in 2024 and beyond.

“Even though bitcoin, yes, it’s at 40-something thousand dollars, (this is a) once-in-a-lifetime opportunity to still get in before everyone else does and then it becomes too late,” Tung concluded.

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The Street Crypto

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