Bitcoin BTC/USD has surged past the $47,000 mark, a peak not seen since April 2022, fueled by expectations that U.S. regulators are on the brink of approving exchange-traded funds (ETFs) that directly invest in the cryptocurrency.
Bitcoin made a high of $47,281 on Monday.
ETF Applications Signal A New Era
Leading financial institutions like BlackRock Inc. BLK, Ark, Fidelity, Invesco, Galaxy Digital and WisdomTree have recently updated their S-1 applications with the SEC.
This move is interpreted by market analysts as a decisive effort to launch these investment products, more than 10 years since the first application was submitted.
Regulatory Decisions Awaited
The SEC faces a deadline of Jan. 10 to decide on these applications.
There is widespread speculation within the crypto community that the regulator might announce a series of decisions on this date, potentially marking a significant milestone in the history of cryptocurrency investment.
Standard Chartered's Bold Predictions
In a remarkable forecast, Standard Chartered PLC SCBFF, one of the world's largest international banks, has projected that Bitcoin could attract up to $100 billion in spot ETF inflows.
The bank anticipates these inflows to occur in 2024, following the approval of the investment product.
They estimate the inflows could range between $50 and $100 billion, potentially having a substantial impact on Bitcoin's price over the next year.
Also Read: Inside The Mysterious $1.2M Bitcoin, Genesis Wallet Transfer: Who's Trying to 'Flush Satoshi Out?'
A Potential Price Surge To $200,000
Standard Chartered also envisages a scenario where Bitcoin could reach a staggering $200,000 by the end of 2025. This prediction hinges on the approval of the spot Bitcoin ETF and represents a significant leap from Bitcoin's previous all-time high of $68,789.
Such a price increase would be a monumental event in the cryptocurrency's history.
Conclusion: A Turning Point For Bitcoin
The anticipation surrounding the approval of Bitcoin ETFs and the bullish predictions from major financial institutions like Standard Chartered highlight a potential turning point for Bitcoin.
As the cryptocurrency world awaits regulatory decisions, the possibility of a new era of mainstream investment in Bitcoin looms on the horizon.
Read Next: Bitcoin Adoption Spreads: Japanese Marketplace, Honduran Economic Zone Integrate
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
