In this article, the Chief Investment Officer of a crypto fund suggests that the price of Bitcoin could reach $100,000 even without the approval of a U.S. spot exchange-traded fund (ETF). The CIO provides reasoning for this prediction, offering valuable insights for those interested in cryptocurrency investments.
The Value of Bitcoin Can Reach $100,000 Without a U.S. Spot ETF Approval, Says Crypto Fund CIO
Alistair Milne, the chief investment officer of Altana digital currency fund, believes that Bitcoin (BTC) does not need the approval of a spot exchange-traded fund (ETF) in the United States for its value to reach $100,000. Milne made this statement in a recent post on X, dismissing the significance of a U.S. spot Bitcoin ETF.
According to Milne, while an ETF approval would be beneficial for the industry, Bitcoin has proven that it can perform exceptionally well without it. He stated, “[A BTC ETF is] nice to have, but we didn’t need one to get us to $69,000 and we don’t need one to get to $100,000.”
The price of Bitcoin has recently experienced significant fluctuations, breaking away from a period of contained movement that lasted for several weeks. These price swings can largely be attributed to developments surrounding spot Bitcoin ETF applications before the U.S. Securities and Exchange Commission (SEC).
In June, when BlackRock and several traditional financial institutions submitted an ETF application, Bitcoin witnessed its most significant price surge in over a year, surpassing the $30,000 mark. This rally was primarily driven by the increased prospects of a spot Bitcoin ETF approval, with many market observers urging the regulator to approve all the applications.
Subsequently, the price movements of Bitcoin have closely mirrored the developments related to spot ETFs. For example, the digital asset rebounded after experiencing an 11% dip fueled by rumors of Tesla divesting its Bitcoin holdings when the U.S. Appeal Court sided with Grayscale in its legal battle against the SEC.
However, this upward momentum was short-lived as the price soon retraced to the $25,000 range due to the SEC’s decision to delay its verdict on a multitude of pending BTC ETF applications. The SEC cited the need to thoroughly assess the proposed rule changes before approving a spot BTC ETF in the U.S., expressing concerns over market manipulation and other factors.
Despite the absence of a spot ETF approval, leading financial institution Standard Chartered predicts that the price of Bitcoin could reach $100,000 by the end of next year. The bank identifies various factors that could contribute to the asset’s upward trajectory, including challenges within the U.S. banking sector, stabilizing risk assets after the U.S. Federal Reserve’s interest rate hikes, and increased profitability in the crypto mining sector.
In conclusion, Alistair Milne believes that Bitcoin can achieve a value of $100,000 without the approval of a U.S. spot ETF. The recent price fluctuations of Bitcoin have demonstrated the influence of spot ETF developments on its price action. However, financial institutions and analysts still see significant growth potential for Bitcoin, even in the absence of an ETF approval.
Source: [CryptoSlate](https://cryptoslate.com)