Shift

Bitcoin ETF

Bitcoin

Gold

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">The broader digital currency ecosystem is anticipating the response from the United States Securities and Exchange Commission (SEC) over the spot Bitcoin exchange traded fund (ETF) products being&nbsp;<a href="https://u.today/bitcoin-etf-frenzy-blackrock-ark-and-grayscale-had-meetings-with-sec" rel="noopener noreferrer nofollow">pursued</a> by top asset managers like BlackRock, Grayscale Investments and Ark Invest. Commenting on the prospect for the market, top economist Alessandro Ottaviani&nbsp;<a href="https://twitter.com/AlexOttaBTC/status/1741582290172420274" rel="noopener noreferrer nofollow">shared</a> five key reasons why Bitcoin may take a different twist post-ETF approval.</p>
<h2 id="bitcoin-on-track-to-rewrite-history">Bitcoin on track to rewrite history</h2>
<p dir="ltr">Many experts have&nbsp;<a href="https://u.today/these-are-top-bitcoin-btc-price-predictions-for-2024" rel="noopener noreferrer nofollow">postulated</a> what could become of Bitcoin should the market regulator choose to approve the mainstream asset class. Sharing his opinion, Ottaviani said he does not see the potential approval as a "sell the news" event as many critics have postulated.</p>
<p dir="ltr">First, he compared the age of Bitcoin with Gold, which is already about 5,000 years old. He believes that the fact that most people are still skeptical about including Bitcoin in their portfolio can give the coin a major boost when there is an enabling environment.</p>
<p dir="ltr">Secondly, Ottaviani named the fact that spot Bitcoin ETF has about 12 applicants who are now jostling to compete with one another for the most volume as a major bullish event that can impact the growth of the coin. Thirdly, the fast-paced movement of information as a result of the emergence of smartphones can also tilt the balance to give the likely spot Bitcoin ETF launch a mega liftoff.</p>
<blockquote>
 <p lang="en" dir="ltr">This is what happened to gold price when the first Gold Spot ETF was launched.I don’t see a “sell the news” event there, and there are even several differences with Bitcoin:1) Gold is a 5,000 years old asset and well known, most of the people are still skeptic on Bitcoin,… <a href="https://t.co/FZmTuh170A" rel="noopener noreferrer nofollow">pic.twitter.com/FZmTuh170A</a></p>— Alessandro Ottaviani (@AlexOttaBTC) <a href="https://twitter.com/AlexOttaBTC/status/1741582290172420274?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 31, 2023</a>
</blockquote>
<p dir="ltr">The dilutive impact of more gold mining over time was also mentioned as the economist recalled the fixed supply of Bitcoin that stays at 21 million. With this, more institutional fund inflow may not match the limited supply, driving the price higher.</p>
<h2 id="bitcoin-maxis-effect">Bitcoin maxis effect</h2>
<p dir="ltr">The last pointer shared by the economist hinges on the role of Bitcoin maxis, the individuals who are HODLing onto their BTC without plans of ever selling in the near term.</p>
<p>People in this category include Michael Saylor, whose firm MicroStrategy&nbsp;<a href="https://u.today/massive-bitcoin-btc-purchase-announced-by-microstrategy" rel="noopener noreferrer nofollow">holds a large chunk of Bitcoin</a> after consistent accumulations over the past few years. In all, Ottaviani believes that spot Bitcoin ETF might push the stock market to rewrite over 500 years of history.</p>

5 Reasons Bitcoin ETF Might Stir Unprecedented Market Shift

İçindekiler

U_Today

1 Oca 2024 tarihli diğer yazılar

Solana DEX volume breaks $28b in December

Analyst bullish on Fantom; Aptos and Meme Moguls also shine

Tellor (TRB) Leaves Market In Shock With 75% Price Crash, Here’s What Happened

Traders pick Solana, Everlodge, and Avalanche as altcoins to consider

Bitcoin (BTC) Starts New Year on Bullish Note

US prosecutors won’t pursue second trial against Bankman-Fried

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!