Tom Lee hints on the attainable consequence of a spot Bitcoin ETF approval in the US, suggesting a rise above the $150 worth stage for Bitcoin.
Tom Lee, Head of Analysis and contributor at CNBC, weighs in on the implications of a possible spot Bitcoin ETF buying and selling approval by the U.S. SEC.
Talking in an interview on CNBC Market Alert, Tom famous important elements of Bitcoin’s metrics that will be affected by a possible SEC’s approval of spot Bitcoin ETF buying and selling. He additionally said how these metrics might influence the asset’s worth.
“Demand Will Be Higher Than The Every day Provide Of Bitcoin” – Tom Lee
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When quizzed about his worth projection for BTC on the finish of subsequent yr, The CNBC contributor famous that Bitcoin might attain a worth excessive within the vary of $150k to $180k.
Per Tom, his Bitcoin worth forecast would hinge primarily on whether or not the US crypto regulatory physique, SEC, authorizes the approval of a spot Bitcoin ETF in America.
Describing how the approval of a spot Bitcoin ETF would influence the token’s worth. Tom added, “Demand could be better than the every day provide of Bitcoin, and the clearing worth might leverage the elevated demand to spike above a $150k worth stage.”
It’s value noting {that a} spot Bitcoin ETF holds Bitcoin whereas permitting traders entry to the asset’s worth with out triggering Bitcoin’s buy choice.
Europe Launches First Spot Bitcoin ETF
Whereas the US appeared to hesitate on spot Bitcoin ETF buying and selling approval, Europe’s maiden spot Bitcoin ETF has gone reside after pushing for over a yr. The ETF buying and selling went reside on the Euronext Amsterdam inventory alternate on Tuesday, August 15.
It’s left to see how Europe’s adoption of spot Bitcoin ETF would hasten the choice by the U.S. SEC. In the meantime, per a earlier report, respected crypto and monetary corporations in the US have joined BlackRock in reigniting their quest for a spot Bitcoin ETF approval.
Notable funding administration corporations pushing for spot Bitcoin ETF authorization on their varied platforms embrace the Knowledge Tree and Invesco.
It’s value mentioning that the Knowledge Tree purposes for a spot Bitcoin ETF approval acquired rejected on two totally different events. The platform’s proposals acquired rescinded in December 2021 and October 2022, but the outlet isn’t giving up.
Bitcoin’s Ascent To A Worth Stage Above $29K – Prospects With out SEC’s Approval Of Spot Bitcoin ETF Approval
Tom Lee was additionally quizzed on what could possibly be the influence of a failed spot Bitcoin ETF buying and selling authorization. In response, Tom said {that a} drop in provide would nonetheless play out subsequent yr, which might spike the asset’s worth. Though, he particularly famous that the token’s ascent wouldn’t be within the six-figure vary.
In the meantime, former SEC Chairman Jay Clayton had beforehand weighed in on a possible Spot Bitcoin ETF approval. The previous Chair famous that rejecting a Bitcoin spot, ETF can be difficult for the SEC.
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