Bitcoin has experienced a 150% surge in value throughout the year, reaching over $42,000 early Monday morning. This explosive growth comes amidst mounting anticipation surrounding the potential launch of a Bitcoin spot exchange-traded fund (ETF) in the United States.
The main contributing factor to Bitcoin’s recent surge, in addition to the halving event approaching amongst other bullish developments, appears to be the mounting speculation surrounding the approval of a Bitcoin spot ETF by regulatory authorities in the United States. Such an ETF, if approved, would allow traditional investors to gain exposure to spot Bitcoin, potentially boosting the price of the asset.
“Money will flood into the industry with a Bitcoin ETF, it’s just easy to buy it,” said Tom Farley, the former President of the New York Stock Exchange on CNBC a couple weeks ago. “People believe in Bitcoin. Bitcoin is a great invention. It is a store of value.”
Market analysts have been repeatedly beating the drum on that the introduction of an ETF would attract a fresh influx of institutional investments, further bolstering Bitcoin’s position as a mainstream asset class.
Last Thursday, $250 billion asset manager founder Ric Edelman said financial advisors are waiting for spot Bitcoin ETFs to be approved before providing their clients exposure to BTC.
This past Friday, Grayscale stated “we believe that regulatory approval of a spot Bitcoin ETF in the U.S. is a matter of ‘when’, not a matter of ‘if’.” The next day, Bloomberg ETF analyst James Seyffart noted that the next window of potential ETF approvals is now January 5-10, 2024. “Really this means that any potential approval orders are going to come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10,” he explained. “Mark your calendars people.
Source: https://bitcoinmagazine.com/markets/bitcoin-surges-150-this-year-hits-42000-as-spot-etf-excitement-builds