© Reuters
Today, the price of bitcoin soared over $30,000, driven by expectations of a timely approval of the bitcoin ETF by the SEC. This rise demonstrates the resilience and attractiveness of the cryptocurrency market, despite the risks associated with centralizing bitcoin through an ETF. These risks include possible price manipulation by speculators and alterations to its unique ownership codes and decentralization features.
Industry leaders such as Paul Grewal of Coinbase (NASDAQ:) and Michael Novogratz of Galaxy Digital expressed optimism about the future of cryptocurrency. Despite the SEC’s delay in listing the ETF, Novogratz maintains a bullish view for an approval by the end of the year. Entities like Greyscale’s GLXY and GBTC, which are pivotal players in the crypto industry, are also being closely monitored.
In addition to this, Skybridge Capital’s Anthony Scaramucci anticipates a major rise in the price of bitcoin depending on the SEC’s approval of Blackrock’s (NYSE:) bitcoin ETF. Scaramucci projects an 11-fold growth in bitcoin‘s market value, which could push its capitalization beyond $6 trillion and its price above $300,000. This projection is based on these ETFs generating hundreds of billions in new capital inflows to the bitcoin market over a three-year period.
Scaramucci also underlined the influence of the fourth bitcoin halving event planned for April 2024 and a possible subsequent year of bull run on bitcoin price dynamics. However, Scaramucci did not offer a specific timeline for his bullish forecast.
The Skybridge Capital founder also criticized SEC Chairman Gary Gensler’s approach to cryptocurrencies. He suggested that Gensler’s perceived inconsistency could pose persistent challenges to the crypto industry.
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