Crypto Enthusiasts Eye $100,000 Bitcoin Price as SEC Approves Spot ETFs

Crypto Enthusiasts Eye $100,000 Bitcoin Price as SEC Approves Spot ETFs

Following the Securities and Exchange Commission’s (SEC) approval of 11 spot Bitcoin ETFs, cryptocurrency enthusiasts anticipate that this move could be a catalyst propelling Bitcoin’s price to surpass $100,000 for the first time. Influential figures such as UK bank Standard Chartered and Tom Lee of Fundstrat have outlined paths for Bitcoin to reach six figures. Some analysts consider the SEC’s decision on January 10 as a ‘watershed moment’ and a potential ‘game-changer’ for the crypto market.

While the market reaction has been relatively subdued, with a modest uptick in Bitcoin’s price, some attribute it to the common phenomenon of investors ‘buying the rumor and selling the news.’ Bitcoin has experienced a 70% surge since late October, reaching its highest price in nearly two years.

Despite the current levels, Bitcoin would need to double in price to achieve the $100,000 milestone. However, optimistic projections suggest that this could occur by the end of 2024, driven by significant inflows from institutional investors attracted by regulated spot ETFs.

Several high-profile firms, including Standard Chartered, express bullish sentiment on Bitcoin. Strategists at the bank anticipate spot ETFs bringing in $50 billion to $100 billion in inflows for Bitcoin in 2024, setting a $200,000 price target for the end of 2025. Fundstrat’s Tom Lee predicts Bitcoin to climb to $100,000 to $150,000 over the next 12 months and potentially reaching $500,000 in the next five years.

While some industry experts remain cautious, highlighting concerns about Bitcoin’s speculative and volatile nature, others, such as University of Sussex economist Carol Alexander, express short-term bullishness, predicting Bitcoin to be priced between $70,000 and $100,000 by the end of December.

Former PIMCO CEO Mohamed El-Erian acknowledges the potential significance of the SEC’s approval but expresses skepticism about Bitcoin’s broader role as a global currency. The SEC chair, Gary Gensler, also emphasized Bitcoin’s speculative and volatile nature, noting its use in illicit activities such as ransomware, money laundering, sanction evasion, and terrorist financing.

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