Spot Bitcoin ETF is currently the hottest topic on the Cryptocommunity of X, and proponents believe it is the last hurdle in the mass adoption of crypto. The founder of the crypto trading bot platform CryptoSea, who goes by the name of Crypto Rover on X, believes that Bitcoin’s surge to $100K is inevitable when a spot ETF hits the market.
Crypto Rover took to the X on Sunday, September 3, to say that 2021 was the year of institutional bull run, but 2024 stores much bigger than that, with BlackRock leading the way. He predicted that Bitcoin’s $100K milestone seems inevitable with a spot ETF. He wrote:
“Many believed 2021 was the year of the Institutional Bull Run. But just wait for 2024, especially with Blackrock on board… Given these spot ETFs, a $100,000 #Bitcoin will seem inevitable.”
Many believed 2021 was the year of the Institutional Bull Run.
But just wait for 2024, especially with Blackrock on board…
Given these spot ETFs, a $100,000 #Bitcoin will seem inevitable.
— Crypto Rover (@rovercrc) September 3, 2023
In a separate tweet, he said that a spot ETF would lead to billions flowing in the Bitcoin market as an ETF offers “significant tax advantages and the ability to borrow against it.” “Therefore, buying Bitcoin Spot ETFs could become more appealing, especially for pension funds,” he wrote.
Some doubt the impact of a Spot #Bitcoin ETF on its price.
Let me clarify: it would lead to billions flowing into the market.
Here's why:
It's crucial to understand that an ETF offers significant tax advantages and the ability to borrow against it. Therefore, buying Bitcoin… pic.twitter.com/xHBgDP8Fdv
— Crypto Rover (@rovercrc) September 3, 2023
Replying to Crypto Rover, The Bitcoin Therapist said that a spot ETF would send trillions, not billions, into the market as Bitcoin is more auditable and honest than Gold.
Another analyst, Ricky Bobbyy, said that a spot Bitcoin ETF would allow corporations to hold Bitcoin on their balance sheets without needing by-law amendments or absurd accounting measures, enabling an influx of tens of billions of dollars in short order. In a Medium blog, he argued that a Bitcoin ETF would be an explosive catalyst, igniting a marketing war between providers that would pull hordes of hesitant retail investors.
Agreed. It would also allow corporations to put part of their balance sheets in BTC without the absurd accounting regs, or bylaw issues.
Would also ignite a marketing war between providers, all pushing BTC to their clients.
A few other hugely bullish points a lot of folks…
— Ricky Bobbyy (@fourthesauri) September 3, 2023
In another massive price prediction, Tom Lee of Fundstrat Global Advisors, in a CNBC talk, drew a price range of $150K to $180K for Bitcoin [BTC] by 2024 with a spot ETF.
The Odds of Spot Bitcoin ETF Approval are Big
There is no doubt that a spot ETF stores big prizes for Bitcoin, but what are the chances of an ETF approval? Talking to CNBC, former SEC chair Jay Claton had recently said that a spot Bitcoin ETF is inevitable as “the dichotomy between a futures product and cash product can’t go on forever.”
JUST IN: 🇺🇸 Former SEC Chair Jay Clayton says Spot #Bitcoin ETF approval is "inevitable" pic.twitter.com/75dgWzDtqe
— Watcher.Guru (@WatcherGuru) September 1, 2023
JPMorgan analysts have also recently said that the US SEC would be forced to approve spot Bitcoin ETFs after GrayScale’s triumph, arguing that the SEC would have to withdraw its previous approvals of futures ETFs to justify its denial of Grayscale’s proposal of converting its GBTC into an ETF. But such a move is unlikely as it would be hugely embarrassing for the SEC.
However, the SEC has again postponed its decision on several applications for spot Bitcoin ETFs. The crypto community has to wait until October 17 for the next SEC ruling on the BlackRock application.
The next SEC ruling on BlackRock's Spot #Bitcoin ETF is on October the 17th (45 days from today). pic.twitter.com/Pr4TsF9Uzr
— Crypto Rover (@rovercrc) September 1, 2023
