5 reasons why Bitcoin could skyrocket over SEC’s decision

Rick Steves

The SEC approval of Bitcoin Exchange-Traded Funds (ETFs) signals a landmark moment for both Bitcoin and the broader cryptocurrency market, and could send prices skyrocketing in the longer term with BTC prices perhaps hitting $60,000 this quarter, said deVere Group CEO Nigel Green.

The SEC approval of Bitcoin Exchange-Traded Funds (ETFs) signals a landmark moment for both Bitcoin and the broader cryptocurrency market, and could send prices skyrocketing in the longer term with BTC prices perhaps hitting $60,000 this quarter, said Nigel Green, CEO of deVere Group, a large independent financial advisory, asset management and fintech organization.

The bullish prediction from Nigel Green of deVere Group, a long-term high-profile cryptocurrency advocate, comes as the US financial regulator, the Securities and Exchange Commission, approved 11 spot bitcoin exchange-traded funds, including those of Grayscale, Bitwise and Hashdex, according to a statement on Wednesday.

“This approval by the financial regulator of the world’s largest economy is a landmark moment for Bitcoin and the wider crypto market and boosts prices in the long-term, even if there’s a sell-off in the near-term.”

The deVere CEO says there are five main reasons to be bullish for the long-term price trajectory following the SEC approval.

1 – Institutional validation

“The approval of Bitcoin ETFs represents a resounding institutional validation of the cryptocurrency, marking a departure from its initial reputation as a speculative and volatile asset. Institutional investors have long been cautious about entering the crypto space due to concerns about regulatory uncertainties and market integrity. The introduction of SEC-regulated Bitcoin ETFs addresses these concerns by providing a transparent and secure investment vehicle, paving the way for institutional capital to flow into the market.”

2 – Likely influx of capital

“One of the primary catalysts for the anticipated surge in Bitcoin prices is the massive influx of capital that is expected to follow the approval of ETFs. These investment vehicles provide a convenient and regulated avenue for both retail and institutional investors to gain exposure to Bitcoin without the complexities of managing private keys or navigating unregulated exchanges. As traditional investors seek diversification and higher returns, Bitcoin ETFs offer an attractive option, potentially unlocking billions of dollars in new investments.”

3 – Accessibility and liquidity

“Bitcoin ETFs help democratize access to the cryptocurrency market, allowing a broader range of investors to participate. Increased accessibility is likely to contribute to higher liquidity in the Bitcoin market, reducing price volatility and enhancing the overall stability of the cryptocurrency.”

4 – Market integration and regulatory clarity

“The approval of Bitcoin ETFs represents another significant step towards the integration of cryptocurrencies into the mainstream global financial system. Regulatory clarity surrounding these investment vehicles provides a framework for market participants to operate within established rules, promoting a more secure and transparent environment. As regulatory uncertainties dissipate, more and more institutional and individual investors can confidently engage with the crypto market, further reinforcing the legitimacy of Bitcoin.”

5 – Increased global adoption

“Bitcoin ETFs aren’t limited by geographical boundaries, offering a globally accessible investment vehicle for investors across jurisdictions. This global reach is expected to drive widespread adoption and recognition of Bitcoin as a legitimate asset class. As more countries embrace the idea of regulated Bitcoin ETFs, the cryptocurrency will likely gain further acceptance on the international stage, attracting a broader investor base and propelling prices to potentially new heights.”

Nigel Green concluded “The approval of Bitcoin ETFs is a watershed moment for Bitcoin and the entire crypto market. The institutional validation, massive influx of capital, increased accessibility, market integration, and global adoption are powerful catalysts that could send BTC prices to potentially near all-time highs.

“On a tidal wave of investor enthusiasm, we wouldn’t be surprised if Bitcoin hits $60,000 this quarter – and higher moving forward throughout the year. We expect that history will show that the ETF approval will be a significant price driver in the long-term, even if there’s a very short-term sell-off.”

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