Bitwise Asset Management has recently achieved the listing of its spot Bitcoin (BTC) Exchange Traded Fund (ETF) on the Depository Trust and Clearing Corporation (DTCC) with the ticker symbol $BITB. This development is a positive step forward, significantly elevating the likelihood of approval for a spot BTC ETF in the United States.
Bitwise now stands alongside Fidelity, whose spot BTC ETF was added to the DTCC listing just last week. Despite the ongoing process for the approval of a spot BTC ETF in the US, Matt Hougan, Chief Investment Officer at Bitwise, expressed proactive readiness, stating that the team is preparing for a potential launch. Hougan emphasized ongoing efforts in marketing, sales strategies, and collaboration with regulators to expedite the process.
Notably, Hougan has engaged in discussions with regulators regarding the firm’s application, highlighting regular meetings with the Securities and Exchange Commission (SEC). The competition for a spot Bitcoin ETF approval is intensifying, with Bloomberg analysts estimating a 90% probability of the US SEC granting approval by January 10.
Bitcoin Bulls Unleashed: Bitwise Anticipates $80,000 Valuation by 2024
Bitwise foresees significant growth for BTC in 2024, with Ryan Rasmussen, a senior crypto research analyst at Bitwise Asset Management, predicting a new all-time high for the cryptocurrency. Rasmussen asserts that the launch of the spot Bitcoin ETF will be exceptionally successful, possibly becoming the most prosperous ETF launch ever. The standout projection from the analyst is BTC reaching $80,000 in 2024, representing an approximately 87% increase from its current levels.
The anticipated surge in value aligns with the upcoming halving cycle for Bitcoin scheduled for April of the following year. Halving cycles, known for their bullish impact, contribute to a reduction in the asset’s supply. The convergence of these two factors—the forthcoming halving and potential approval of the spot BTC ETF—could propel the cryptocurrency market into a new bullish phase.