A Very Important Date is Approaching for Bitcoin
There are exactly 21 days left until one of the most important dates for bitcoin in recent years and in the middle of a slightly calmer week in which, after having reached the maximum of 2023 in recent days, the market has calmed down, consolidating a little more the Barrier of the $40,000 where whales have already begun to accumulate and prepare for a possible movement in the market that would combine the arrival of mass adoption and growth in demand with the halving of bitcoin and the reduction of miners' rewards.
The decision on the ETFs is closer than ever and there are only 21 days left until January 10, 2024, a date on which the deadline for the ark invest applicant is met and if nothing changes in the next three weeks the SEC has no reason to reject an approval that seems to be just around the corner and in fact, to the surprise of many, even Gary Gensler himself has shown himself slightly in favor of approval for the first time.
After making some very important statements stating that GrayScale's court victory in August has caused the SEC to take a new look at the various ETF applications they have, acknowledging that in the past they had rejected several ETF applications, but That this victory has made them take a new look at the new applications and also confirming that they are currently reviewing between 8 and 12 ETFs applications.
Some very important words that have been added to the different news that we have been reviewing during the last week in which, in summary, Black Rock has met with the SEC to clarify things about the approval for the fourth and fifth time of other applicants such as Invesco have also met with the regulators, the SEC has officially recognized the application submitted by the Swiss investment fund Pando asset and this morning Black Rock has presented the third amendment to its ETF application and Wisdon Tree has joined the bandwagon by now presenting the fourth amendment of your bitcoin etf.
Without a doubt, very encouraging news that suggests that in the period that we have mentioned, the SEC will probably not only approve one of the applications but it seems that they could approve all of them simultaneously to avoid any competitive advantages of the first in line. receive approval. How will all this affect bitcoin? The good and surprising words of the SEC along with the arrival of the final date of the decision have meant that this week expectations about the price of bitcoin among some of the financial giants have grown again.
Starting with the most bullish, on December 15, Samson Mow CEO, the famous technology company focused mainly on expanding adoption and giving access to bitcoin to everyone, spoke about bitcoin, giving a rather ambitious prediction stating that the price of Bitcoin was going to skyrocket in a parabolic way, quickly exceeding one million dollars thanks to the approval of the ETF and the massive influx of capital into Bitcoin from the world's main institutions.
Another thing that adding that unlike the previous rallies that took bitcoin to new highs in a matter of months, the rise after the approval of the ETF to a million dollars will be much faster, using as an example the year 2017 in which in 9 months the price of bitcoin multiplied by 20, however given that we are going to receive billions and billions of dollars at a time in ETF approvals, it is believed that bitcoin will skyrocket in a much faster period.
But Samson Mow has not been the only one to set the million as a goal since Bitmex CEO Arthur Hayes has also reiterated his commitment to bitcoin, stating that both bitcoin and altcoins are a safe bet in the face of the imminent drop in interest rates and that bitcoin will reach a million dollars and for Arthur going long term in cryptocurrencies is the key to success while the markets are betting that the United States Federal Reserve will lower interest rates next year.
Furthermore, his goal of one million does not seem like nonsense to him considering the macroeconomic panorama that lies ahead of us, but does all this really make some sense or are they going a little crazy with these predictions. It is really clear that these predictions are quite unlikely in the short term, however it is true that the massive arrival of capital to bitcoin is a fact that more and more investment funds and banks are predicting. And it is very important to highlight that putting together The arrival of capital with a halving in which the rewards of the miners are reduced by half and in which the supply of bitcoin becomes more and more valuable can be explosive for its price and make it once again unsurprising.
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This is an interesting post you have shared, let's see how the market will respond to this significant date.
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