Former FTX USA President Brett Harrison recently had a job interview with Cointelegraph Magazine. As part of the discussion, Harrison gave his thoughts on when Discover Bitcoin ETF will be approved and the possible price level the leading crypto token could reach when this happens.
A Spot Bitcoin ETF could be approved in the first quarter of 2024
Harrison is quoted as saying that there is a very “high probability” that the Securities and Exchange Commission (SEC) will approve a Spot BTC ETF in the first quarter of 2024. His prediction happens to coincide with the SEC having to make a decision on it ARK 21Shares Spot Bitcoin ETF on or before January 10, 2024.
As such, there is indeed a good chance that a Spot Bitcoin ETF could be approved in the first quarter of 2024 (and as early as January). Bloomberg analysts James Seyffart and Eric Balchunas did also mentioned earlier that there is a 90% chance that approval will come before the January 10 deadline.
Meanwhile, there is growing belief that more than one Spot Bitcoin ETF application may have been approved before January 10. Seyyfart had after the Templeton and Hashdex slow downreasoned that the SEC could line up all ETFs for a “full wave of approvals.”
The potential price of Bitcoin when this happens
Harrison also gave his opinion on what price level Bitcoin could reach if a Spot Bitcoin ETF is approved. The former US president of the FTX appeared to have been conservative with his price prediction when he estimated the potential price of BTC between $50,000 and $55,000. He doesn’t expect the top crypto token to reach six figures in late 2024 or early 2025.
His prediction on when Bitcoin could reach six figures coincides with Matrixport’s prediction of $125,000. The crypto financial service provider predicts that BTC will reach this price level by the end of 2024. Harrison’s prediction that the BTC price will rise as high as $55,000 after approval seems plausible when we look at Matrixport’s projection that BTC will reach $63,140 by April 2024.
Harrison is undoubtedly optimistic about a Spot Bitcoin ETF and the success such an investment vehicle can have. He alluded to the first day of the launch of a Bitcoin Futures ETF to support his optimism. The ProShares Bitcoin Strategy (BITO) ETF (the first Bitcoin futures ETF) is reported earning more than $1 billion in the first two days of launch.
BITO became the fastest ETF ever to reach that mark. However, Harrison believes a Spot Bitcoin ETF could break even more records.
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