- Brett Harrison, former President of FTX US, predicts a high likelihood of SEC approving a Spot Bitcoin ETF in Q1 2024.
- Harrison’s projection aligns with industry analysts, expecting Bitcoin’s price to reach between $50,000 and $55,000 upon ETF approval.
- The approval of a Spot Bitcoin ETF could mark a significant milestone in cryptocurrency investment vehicles.
Brett Harrison, the former President of FTX US, provides insights into the potential SEC approval of a Spot Bitcoin ETF in early 2024 and its expected impact on Bitcoin’s price, suggesting a conservative yet optimistic market outlook.
Anticipating the SEC’s Green Light for a Spot Bitcoin ETF
Brett Harrison, the former President of FTX US, shared his perspective on the likelihood of the Securities and Exchange Commission (SEC) approving a Spot Bitcoin ETF, anticipating a high probability of this occurring in the first quarter of 2024. This prediction coincides with the SEC’s decision deadline on the ARK 21Shares Spot Bitcoin ETF set for January 10, 2024. Bloomberg analysts James Seyffart and Eric Balchunas also support this view, estimating a 90% chance of approval by this date. Furthermore, there is speculation that multiple Spot Bitcoin ETF applications might receive approval in a “full wave” by the SEC, potentially marking a pivotal moment for cryptocurrency investment vehicles.
Bitcoin’s Price Trajectory Post ETF Approval
Harrison also weighed in on Bitcoin’s potential price following the approval of a Spot Bitcoin ETF. While he adopts a conservative stance, predicting a range between $50,000 and $55,000, his forecast is in line with Matrixport’s projection of Bitcoin reaching $125,000 by the end of 2024. Harrison’s estimation of Bitcoin rising to as high as $55,000 post-ETF approval aligns with broader industry expectations, including Matrixport’s prediction of Bitcoin hitting $63,140 by April 2024. These predictions underscore the potential impact that the approval of a Spot Bitcoin ETF could have on Bitcoin’s market value and investor sentiment.
The Impact of a Spot Bitcoin ETF on the Crypto Market
Harrison’s bullish outlook for a Spot Bitcoin ETF is grounded in the success of previous cryptocurrency ETFs, such as the ProShares Bitcoin Strategy (BITO) ETF, the first Bitcoin futures ETF. BITO’s impressive performance, garnering over $1 billion in its first two days, highlights the significant investor interest in cryptocurrency-related investment vehicles. Harrison believes that a Spot Bitcoin ETF could set new records, potentially accelerating growth and mainstream acceptance in the cryptocurrency market. His optimism reflects the broader sentiment in the crypto community regarding the transformative potential of a Spot Bitcoin ETF.
Conclusion
The potential approval of a Spot Bitcoin ETF in early 2024, as predicted by Brett Harrison, signals a potentially transformative phase for the cryptocurrency market. With expectations of a significant rise in Bitcoin’s price and the prospect of multiple ETF approvals, the crypto industry is poised for substantial growth and increased mainstream adoption. As investors and industry experts eagerly await the SEC’s decision, the anticipation builds around the impact that these investment vehicles could have on the broader cryptocurrency landscape.
