Bitwise Asset Management has made a significant leap by listing its spot Bitcoin ETF, $BITB, on the Depository Trust and Clearing Corporation (DTCC). This development comes amidst growing anticipation of a U.S.-approved spot BTC ETF, a milestone the crypto industry has long awaited.
Following the footsteps of Fidelity, Bitwise is positioning itself at the forefront of this potential shift. Matt Hougan, Bitwise’s chief investment officer, has detailed Bitwise’s proactive strategy, including vigorous marketing plans and ongoing dialogues with regulators, notably the Securities and Exchange Commission (SEC).
The crypto community is optimistic, bolstered by Bloomberg analysts’ prediction of a 90% chance of the SEC green-lighting a spot BTC ETF by early January. This optimism is not unfounded; actions by industry giants like Bitwise and Fidelity are clear indicators of cryptocurrency’s increasing integration into mainstream finance. The approval of a spot Bitcoin ETF by U.S. regulators could be a game-changer, ushering in greater institutional involvement and broader Bitcoin adoption.
Bitwise anticipates a Bitcoin bull run in 2024
Adding to the excitement, Bitwise’s senior crypto research analyst, Ryan Rasmussen, projects a significant Bitcoin rally, with potential prices soaring to $80,000 in 2024, an 87% increase from its current valuation. This bullish forecast hinges on two major catalysts: the anticipated approval of a spot BTC ETF and the upcoming Bitcoin halving cycle in April next year. Rasmussen’s prediction isn’t just optimistic; he envisages the spot Bitcoin ETF, once approved, to become the most successful ETF launch ever, reflecting a strong belief in the market’s readiness for such an investment vehicle.
Bitwise Asset Management’s recent moves and positive market forecasts signal a potential turning point for Bitcoin in the U.S. market. The approval of a spot BTC ETF could mark a new era of mainstream and institutional acceptance for cryptocurrencies. As the industry awaits the SEC’s decision, the sense of optimism within the cryptocurrency community is palpable, suggesting a promising future for Bitcoin in the global financial arena.