Former FTX US President Says Bitcoin Spot ETF Will Come In 2024, Gives Price Targets
December 06 2023 - 12:00PM
NEWSBTC
Former FTX US President Brett Harrison recently had an interview
with Cointelegraph Magazine. As part of the discussion, Harrison
gave his thoughts on when a Spot Bitcoin ETF will be approved and
the possible price level the foremost crypto token could attain
when this happens. A Spot Bitcoin ETF Could Be Approved In Q1
of 2024 Harrison is said to have mentioned that there is a very
“high probability” that the Securities and Exchange Commission
(SEC) will approve a Spot BTC ETF in the first quarter of 2024. His
prediction happens to be in line with the fact that the SEC has to
make a decision on ARK 21Shares Spot Bitcoin ETF on or before
January 10, 2024. Related Reading: Crypto Expert Delivers Top 8
Altcoins To Buy On Binance As such, there is indeed a high
likelihood that a Spot Bitcoin ETF could be approved in Q1 of 2024
(and as early as January). Bloomberg analysts James Seyffart and
Eric Balchunas had also earlier mentioned that there is a 90%
chance that approval will come by the January 10 deadline.
Meanwhile, there is a growing belief that we might have more than
one Spot Bitcoin ETF application approved by January 10. Seyyfart
had, after the Templeton and Hashdex delay, reasoned that the SEC
could be lining up all ETFs for a “full wave of approvals.”
Bitcoin’s Potential Price When This Happens Harrison also gave his
thoughts on what price level Bitcoin could hit when a Spot Bitcoin
ETF is approved. The former FTX US President seemed to have been
conservative with his price prediction as he put BTC’s potential
price between $50,000 and $55,000. He doesn’t foresee the foremost
crypto token hitting six figures towards the end of 2024 or early
2025. Related Reading: Shiba Inu Open Interest Falls Behind
General Crypto Market, What This Means For Price His prediction
about when Bitcoin could hit six figures coincides with
Matrixport’s prediction of $125,000. The crypto financial services
firm predicts that BTC will hit this price level by the end of
2024. Harrison’s prediction of the BTC price rising to as high as
$55,000 on the back of approval seems plausible when looking at
Matrixport’s projection of BTC hitting $63,140 by April 2024.
Harrison is undoubtedly bullish about a Spot Bitcoin ETF and the
success such an investment vehicle can enjoy. He alluded to the
first day of a Bitcoin Futures ETF launching to back up his
optimism. The ProShares Bitcoin Strategy (BITO) ETF (the first
Bitcoin futures ETF) is reported to have seen more than $1 billion
in its first two days after launch. BITO became the fastest
ETF ever to hit that figure. However, Harrison believes that a Spot
Bitcoin ETF could go on to break more records. Featured image
from The Motley Fool, chart from Tradingview.com
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