Former FTX US President Brett Harrison recently had an interview with Cointelegraph Journal. As a part of the dialogue, Harrison gave his ideas on when a Spot Bitcoin ETF can be authorised and the attainable worth stage the foremost crypto token may attain when this occurs.
A Spot Bitcoin ETF Might Be Accepted In Q1 of 2024
Harrison is claimed to have talked about that there’s a very “excessive likelihood” that the Securities and Change Fee (SEC) will approve a Spot BTC ETF within the first quarter of 2024. His prediction occurs to be consistent with the truth that the SEC has to decide on ARK 21Shares Spot Bitcoin ETF on or earlier than January 10, 2024.
As such, there may be certainly a excessive probability {that a} Spot Bitcoin ETF might be authorised in Q1 of 2024 (and as early as January). Bloomberg analysts James Seyffart and Eric Balchunas had also earlier mentioned that there’s a 90% likelihood that approval will come by the January 10 deadline.
In the meantime, there’s a rising perception that we’d have a couple of Spot Bitcoin ETF software authorised by January 10. Seyyfart had, after the Templeton and Hashdex delay, reasoned that the SEC might be lining up all ETFs for a “full wave of approvals.”
Bitcoin’s Potential Worth When This Occurs
Harrison additionally gave his ideas on what worth stage Bitcoin may hit when a Spot Bitcoin ETF is authorised. The previous FTX US President appeared to have been conservative along with his worth prediction as he put BTC’s potential worth between $50,000 and $55,000. He doesn’t foresee the foremost crypto token hitting six figures in the direction of the tip of 2024 or early 2025.
His prediction about when Bitcoin may hit six figures coincides with Matrixport’s prediction of $125,000. The crypto financial services firm predicts that BTC will hit this worth stage by the tip of 2024. Harrison’s prediction of the BTC worth rising to as excessive as $55,000 on the again of approval appears believable when taking a look at Matrixport’s projection of BTC hitting $63,140 by April 2024.
Harrison is undoubtedly bullish a few Spot Bitcoin ETF and the success such an funding automobile can get pleasure from. He alluded to the primary day of a Bitcoin Futures ETF launching to again up his optimism. The ProShares Bitcoin Technique (BITO) ETF (the primary Bitcoin futures ETF) is reported to have seen greater than $1 billion in its first two days after launch.
BITO turned the quickest ETF ever to hit that determine. Nonetheless, Harrison believes {that a} Spot Bitcoin ETF may go on to interrupt extra data.
Featured picture from The Motley Idiot, chart from Tradingview.com
