It has been just revealed that a US-regulated spot BCT ETF will drive Bitcoin to higher peaks. Check out the latest reports about this below.

This catalyst could drive Bitcoin price explosion

Galaxy Digital, a crypto financial services company, has expressed optimism about the potential of Bitcoin (BTC) once a spot BTC exchange-traded fund (ETF) is approved by the U.S. Securities and Exchange Commission (SEC).

According to Charles Yu, a research associate at Galaxy Digital, the approval of a US-regulated spot Bitcoin ETF will be a significant catalyst for the adoption of Bitcoin. Yu believes that BTC’s value could increase by double-digit percentages during the first year of approval for a spot Bitcoin ETF.

“We could see monthly returns gradually ramping down from +6.2% in the first month to +3.7% by the last month of the first year, resulting in an estimated +74% increase in BTC in the first year of an ETF approval (using 9/30/23 BTC price $26,920 as the starting point).”

Yu estimates that Bitcoin’s total addressable market size in the US is $48.3 trillion. As of the third quarter, existing Bitcoin investment products, such as exchange-traded products (ETPs) and closed-end funds, held about 842,000 BTC, which are currently worth around $28.9 billion.

Looking ahead, Yu believes that the inflows from ETFs, market narratives regarding the upcoming Bitcoin halving in April 2024, and the possibility of rates peaking soon all suggest that 2024 could be a significant year for Bitcoin. As of the time of writing, Bitcoin is trading at $34,300.

Bitcoin in the news

It seems that a famous billionaire is inviting people to buy this specific digital asset. Have you guessed what it is? Well, it’s Bitcoin! Check out the following tweet that Bitcoin Magazine shared and see the video.

Someone commented: “This limited supply is one of its most attractive features, akin to digital gold. It safeguards against inflation and underscores its long-term value. However, potential investors should also remember that Bitcoin’s price can be highly volatile.”

A follower said: “Absolutely, the scarcity of #Bitcoin is a game-changer! The fixed supply sets it apart from traditional currencies and assets. It’s like having a finite amount of gold in a digital form.”

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