It has been just revealed the fact that the Grayscale CEO said that the spot Bitcoin ETF is not a matter of if, but of when. Check out the video below.
Bitcoin ETF, a matter of when
Check out the following tweet that sheds light on the matter:
JUST IN: Grayscale CEO tells Fox Business spot #Bitcoin ETF is a matter of when, not a matter of if. pic.twitter.com/VqYIkuaMcH
— Bitcoin Magazine (@BitcoinMagazine) December 15, 2023
Someone said: “It’s gonna be a sell the news event for sure. Everyone knows by now the ETF will be approved, whoever wanted to buy has bought already.”
Bitcoin price to explode
Mark Yusko, who is the CEO of Morgan Creek and an expert in hedge funds, has made a prediction about Bitcoin’s future price.
According to Yusko, the price of Bitcoin will soar to six figures in a short time. In an interview with Wolf of All Streets, Yusko said that Bitcoin is currently undervalued and that its true value is $50,000.
He believes that the price of Bitcoin could start rising in the middle of next year, and this increase will be driven by two main factors.
“Now, we’ll go from that $50,000 to $100,000. And that $50,000 to $100,000, it’s probably going to happen really fast.
Why do I say that? Two reasons – one that’s what history tells us that fear of missing out kicks in. But this time, we got a massive tailwind.”
Bitcoin is currently trading at $41,175. According to Yusko, investors have been acquiring Bitcoin below its fair value since the end of 2020, and they are still doing so.
Yusko predicts that Bitcoin’s price action in the future will follow the patterns established during previous halving cycles.
“Now when we get to fair value at $50,000, what’s going to happen? The halving is going to occur. Well, then what happens? Well, we add a zero.
So if you go back to the first halving, we went from $10 to $100, then we went from $100 to $1,000. Then we went from $1,000 to $10,000. Now we’re going to go from $10,000 to $100,000. That’s a 10x growth of the network again, following this Metcalfe’s law curve.”
