BitcoinBTC has rocketed higher through 2023—boosting the price of ethereum, XRPXRP and other major cryptocurrencies—with 2024 looking set to be an even bigger year for crypto.
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The bitcoin price has surged to around $38,000 per bitcoin, up from lows of around $15,000 per bitcoin last year, thanks to soaring expectations of an imminent Wall Street earthquake.
Now, as the market reels from the U.S. government setting off a “countdown” to Binance’s collapse, the former president of the New York Stock Exchange has predicted money will “flood” into the market when a long-awaited bitcoin spot exchange-traded fund (ETF) is eventually approved.
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“Money will flood into the industry with a bitcoin ETF, it’s just easy to buy it,” Tom Farley, who is now the chief executive of the Peter Theil-backed bitcoin and crypto exchange Bullish, told CNBC. “People believe in bitcoin. Bitcoin is a great invention. It is a store of value.”
The bitcoin price was turbo-charged in June after BlackRockBLK, the world’s largest asset manager handling around $10 trillion on behalf of clients, applied to create a bitcoin spot ETF with crypto exchange Coinbase as its custodian.
BlackRock’s landmark bitcoin spot ETF filing kicked off a Wall Street rush to get a bitcoin fund to market. Researchers at Coinbase predicted the looming bitcoin ETF boom could open the floodgates for the $48.3 trillion U.S. wealth management industry to sweep into the crypto market.
Bitcoin and crypto traders were given a further shot in the arm when asset manager Grayscale won a legal victory over the U.S. Securities and Exchange Commission (SEC), the regulator that has repeatedly blocked applications for a bitcoin spot ETF over the last decade.
A court ordered the SEC to reconsider Grayscale’s bid to convert its flagship bitcoin trust to a fully-fledged bitcoin spot ETF, taken by many to be a sign the SEC will ultimately green light the move.
“Everyone acknowledges bitcoin is not a security, including the regulators,” Farley added.
Last week, one high-profile ETF analyst claimed leaked SEC chats reveal the agency is negotiating with crypto exchanges on ETF applications.
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However, other market watchers are more cautious, predicting a bitcoin ETF will eventually help the bitcoin price recover but slowly.
“While everyone predicts that a bitcoin ETF and an ethereumETH ETF will get approved and launch with tremendous enthusiasm, we believe that the actual uptake will be slower than anticipated,” Laurence Latimer, the chief executive of Dinara, enterprise banking software company, said in emailed comments.
“Moreover, we predict the approval will drive a surge in bitcoin demand, pushing prices higher and bringing bitcoin back into the popular consciousness as a ‘good’ thing rather than as a negative headline, further helping accelerate mainstream adoption.”
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