Spot Bitcoin ETF and Halving Will Drive Bitcoin Price to $150K
August 18, 2023 6:21 am
According to Mark Yusko, CEO, founder, and Chief Investment Officer of Morgan Creek Capital Management, two key events are expected in the Bitcoin market that could push prices up to $150,000 by the middle of next year. The approval of a spot Bitcoin ETF and the Bitcoin halving will trigger a new rally, significantly increasing the value. In his opinion, the fair value of Bitcoin is $55,000.
The fair value doubles once a Bitcoin ETF is approved. BlackRock’s spot Bitcoin ETF will likely be the first to receive SEC approval. Moreover, the European Union has already outpaced the U.S., launching the first Bitcoin ETF. London-based multi-asset investment platform Jacobi Asset Management announced the placement of Europe’s first Bitcoin ETF on Euronext Amsterdam. The ETF trades under the ticker BCOIN and is regulated by the Guernsey Financial Services Commission (GFSC).
Back in October 2021, Jacobi’s Bitcoin ETF was approved by the GFSC to launch its Bitcoin ETF. Initially, Jacobi planned to launch its ETF on the Euronext Amsterdam exchange in July 2022 but had to postpone these plans due to the Terra/Luna crash. This was followed by FTX’s bankruptcy in November, and the Bitcoin ETF was only issued now.
Also, on April 16, 2024, the fourth halving of Bitcoin will occur. This will reduce the block reward for miners from 6.25 bitcoins to 3.125 bitcoins per block, the main reason that will affect price growth and the Bitcoin rally.
Yusko believes that the fair value will be $100,000 by the middle of next summer. However, with speculation, the price could rise to $150,000.
The material has been provided by InstaForex Company – www.instaforex.com
According to Mark Yusko, CEO, founder, and Chief Investment Officer of Morgan Creek Capital Management, two key events are expected in the Bitcoin market that could push prices up to $150,000 by the middle of next year. The approval of a spot Bitcoin ETF and the Bitcoin halving will trigger a new rally, significantly increasing the value. In his opinion, the fair value of Bitcoin is $55,000.
The fair value doubles once a Bitcoin ETF is approved. BlackRock’s spot Bitcoin ETF will likely be the first to receive SEC approval. Moreover, the European Union has already outpaced the U.S., launching the first Bitcoin ETF. London-based multi-asset investment platform Jacobi Asset Management announced the placement of Europe’s first Bitcoin ETF on Euronext Amsterdam. The ETF trades under the ticker BCOIN and is regulated by the Guernsey Financial Services Commission (GFSC).
Back in October 2021, Jacobi’s Bitcoin ETF was approved by the GFSC to launch its Bitcoin ETF. Initially, Jacobi planned to launch its ETF on the Euronext Amsterdam exchange in July 2022 but had to postpone these plans due to the Terra/Luna crash. This was followed by FTX’s bankruptcy in November, and the Bitcoin ETF was only issued now.
Also, on April 16, 2024, the fourth halving of Bitcoin will occur. This will reduce the block reward for miners from 6.25 bitcoins to 3.125 bitcoins per block, the main reason that will affect price growth and the Bitcoin rally.
Yusko believes that the fair value will be $100,000 by the middle of next summer. However, with speculation, the price could rise to $150,000.
The material has been provided by InstaForex Company – www.instaforex.com
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