Despite a good few weeks of misinformation, scaremongering, fake SEC documents stating Bitcoin ETF approval and good old fashioned FUD, as expected, a batch of 11 Bitcoin Spot ETF were approved. And just like that Bitcoin became a apart of the American financial system, which in all honesty saddened me, and I wonder what Bitcoin’s creator would make of it all?
Many were forecasting an almighty dump on ETF approval, whilst retail investors were trading their alt-coins for Bitcoin, hoping to cash in on Bitcoins meteoric rise on approval. The reality was that nothing much happened as I predicted early in December 2023.
Analysts reported that for the first day of trading of Bitcoin Spot ETFs, a staggering $4.6 billion was traded, which is an all time record for the launch of a spot ETF. The big 3 American investment giants, Blackrock, Greyscale, and Fidelity dominated the first’s day trading as expected.
What’s Next For Bitcoin?
It’s a complete no brainer to see that billions of extra capital is now going to flow into Bitcoin although it will of course take time. Pension funds and a range of other investment funds will need time to add Bitcoin to their funds, so once Bitcoin settles down, after all the ETF hype, I’d expect a slow and steady climb of Bitcoin’s price over the next few months, upto and past the halving in April. I still think we’ll see Bitcoin hit a new all time high late in 2024 and surpass $100,000.
