EXCLUSIVE: Bitcoin Rally Ahead? Bitget's Gracy Chen Weighs In On Spot ETFs And Cathie Wood's 'Crazy' $1M Target

The price of Bitcoin BTC/USD  is rallying, surpassing $35,000, fueled by increasing interest in Bitcoin Spot ETFs and anticipation surrounding the upcoming halving in 2024.

Gracy Chen, Managing Director of Bitget, spoke to Benzinga ahead of the Future Of Digital Assets event that is happening on November 14.

Chen told Benzinga that Bitcoin “halving used to be a huge topic but the effect is diminishing over time.”

Factors Influencing BTC Price

In her view, two crucial factors that could heavily influence the BTC price are the Federal Reserve’s interest rates and the introduction of spot BTC ETFs. Chen noted that more than nine companies, including major Wall Street players like BlackRock and Fidelity, have filed for these ETFs. 

"So if there are more people buying, but also institutional investors, like pension funds, insurance funds, they have a huge influx of money and much bigger than the size of crypto that we’re talking about here. So if these funds and these investors can hold Bitcoin, it actually means diversification in a way that there are more people holding a unique asset."

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask Gracy Chen directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

Cathie's $1M Prediction Achievable?

Chen expressed skepticism regarding Ark Invest CEO Cathie Wood’s prediction of BTC reaching $1 million by 2030, deeming it “a bit crazy.” However, she believes that achieving $100,000 is still feasible.

Chen joined Bitget, bringing seven years of marketing and brand growth experience to the table. Despite downsizing in other exchanges during the crypto winter, she said Bitget prioritized performance-based tenure for its staff, growing from an initial team of about 150 to 1,500 employees encompassing 14 nationalities.

The product that actually took off, as per Chen, is copy trading. Bitget launched this service in May 2020, enabling investors to mirror the trades of elite crypto traders. “One distinguishing feature of Bitget is our copy trading product.” 

According to Chen, Bitget employs a strategy of listing tokens with strong on-chain activity and potential, going beyond derivatives. This approach has attracted new users who are interested in Bitget’s unique asset listings, including those in the Arbitrum ecosystem.

Investment Interests and Love For OG Meme Coins

Chen expresses an interest in layer two solutions and various tokens ranked between 100 to 1,000 market cap. "Their value proposition is determined by factors such as the robustness of the token’s community, ongoing development indicated by active GitHub repositories, and frequent updates showcasing genuine progress."

 She personally invests in some of these tokens, anticipating their rise in the next bull cycle.

“When we look at community, it’s not just about Twitter follower numbers.” Chen highlights the importance of genuine community engagement and looks beyond surface-level metrics.

Bitget’s listing team, research team, and regional heads thoroughly evaluate a coin’s business model, tokenomics, team, and community to determine its suitability for listing. It should be noted that Bitget listed Floki's FLOKI/USD TokenFi a week ago, which was delisted and cited for "manipulation."

While Chen mentioned not being a fan of meme coins in general, she "loves The OGs Dogecoin DOGE/USD and Shiba Inu SHIB/USD."