In a significant development for the cryptocurrency industry, Bitwise Asset Management has announced the listing of its spot Bitcoin (BTC) ETF on the Depository Trust and Clearing Corporation (DTCC) under the ticker $BITB. This move comes as the likelihood of approval for a spot BTC ETF in the United States is rising. Bitwise’s endeavor aligns it with Fidelity, which also recently listed its spot BTC ETF on the DTCC.
Matt Hougan, Chief Investment Officer at Bitwise, expressed the firm’s proactive approach towards the potential launch. “We’re preparing marketing and sales strategies and press engagements and are in continuous discussions with regulators to expedite the process,” Hougan stated. He acknowledged that regular meetings with the Securities and Exchange Commission (SEC) are part of their strategy to push for approval.
The anticipation for a spot Bitcoin ETF in the U.S. is escalating, with Bloomberg analysts estimating a 90% probability of the SEC approving a spot BTC ETF by January 10. This optimism is fueled by the recent steps taken by companies like Bitwise and Fidelity, indicating a growing acceptance of cryptocurrency in mainstream financial markets.
The potential approval of a spot BTC ETF is a pivotal moment for the cryptocurrency industry, potentially leading to greater institutional involvement and wider adoption of Bitcoin.
Bitwise foresees a major Bitcoin surge in 2024
Amidst these developments, Bitwise remains bullish on Bitcoin’s future. Ryan Rasmussen, a senior crypto research analyst at Bitwise, predicts that BTC could reach new heights in 2024, forecasting a potential increase to $80,000. This price target suggests an 87% growth from its current levels.
Rasmussen attributes this optimistic outlook to two key factors: the potential approval of a spot BTC ETF and Bitcoin’s next halving cycle in April next year. Historically, halving cycles, which reduce the supply of Bitcoin, have been bullish events for the cryptocurrency’s value. These events could set the stage for a robust bull run in the cryptocurrency market.
Rasmussen goes so far as to predict that “the spot Bitcoin ETF, once approved, will be the most successful ETF launch of all time,” signaling strong confidence in the market’s appetite for such a financial product.
The steps taken by Bitwise Asset Management, coupled with the positive predictions by industry analysts, suggest a turning point for Bitcoin and the wider cryptocurrency market in the United States. The potential approval of a spot BTC ETF could herald a new era of mainstream and institutional acceptance for cryptocurrencies. As the industry awaits the SEC’s decision, the optimism within the cryptocurrency community continues to grow, indicating a bright future for Bitcoin and its place in the global financial landscape.