Bitcoin

Propel

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Spot

<ul> 
 <li>Tom Lee predicts Bitcoin’s potential price surge to over $150K contingent on SEC approval of spot Bitcoin ETF trading.</li> 
 <li>Europe launches its first spot Bitcoin ETF while the US hesitates, possibly influencing the SEC’s decision.</li> 
 <li>Tom Lee highlights a potential price increase even without SEC approval, emphasizing a drop in supply as a driving factor.</li> 
</ul> 
<p>Tom Lee, the Head of Research and a prominent contributor at CNBC, suggests Bitcoin could surpass $150K if the US Securities and Exchange Commission (SEC) approves a spot Bitcoin ETF.&nbsp;</p> 
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   <p lang="en" dir="ltr">Fundstrat co-founder Tom Lee predicted that if the US SEC approves the spot bitcoin ETF, it may push the price of bitcoin to break through $150,000, or even close to $180,000. One view is that a Republican victory in the 2024 presidential election would lead to ETF approval.…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1691980650520494506?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 17, 2023</a> 
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<p>Lee explained that the approval of a spot Bitcoin ETF could create a demand-supply imbalance, with demand outstripping the daily supply of Bitcoin. This surge in demand could push the price of the cryptocurrency to unprecedented levels, potentially reaching as high as $150,000.&nbsp;</p> 
<p>Interestingly, the US remains hesitant as Europe successfully launches its inaugural spot Bitcoin ETF on the Euronext Amsterdam stock exchange. The European launch might add pressure on the SEC to make a decision as the adoption of such ETFs gains momentum worldwide.&nbsp;</p> 
<p>Reputable investment firms like Wisdom Tree and Invesco have shown continued interest in pushing for spot Bitcoin ETF authorization despite past rejections.</p> 
<p>Even without SEC approval, Lee believes that Bitcoin’s price ascent might not be limited. He indicated that a drop in supply could still trigger a price spike, although not necessarily to the same six-figure range as projected with a successful ETF approval. Former SEC Chairman Jay Clayton’s remarks echo this sentiment, implying that declining a Bitcoin spot ETF could prove challenging for the regulatory body.&nbsp;</p> 
<p>As the crypto community watches the SEC’s decision-making closely, it becomes evident that the fate of Bitcoin’s value hangs intricately on the regulatory landscape, with potential for both extraordinary surges and cautious climbs.</p> 
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</ul> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/secs-etf-decision-could-propel-bitcoin-price-beyond-150k/">SEC’s ETF Decision Could Propel Bitcoin Price Beyond $150K</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

SEC’s ETF Decision Could Propel Bitcoin Price Beyond $150K

Crypto News Land

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