In a recent interview, Michelle Makori from Kitco News spoke with Vijay Boyapati, author of ‘The Bullish Case for Bitcoin, about the U.S. Securities and Exchange Commission (SEC) approving 11 Bitcoin Exchange-Traded Funds (ETFs). The approval, widely expected by the market, has sparked discussions about its potential impact on Bitcoin’s price and accessibility.
Boyapati stressed that while the approval itself was anticipated, the real game-changer lies in the upcoming flow of funds. These funds, required to purchase actual Bitcoins and take them off exchanges, could significantly influence Bitcoin’s price, as per Boyapati’s analysis.
The conversation also touched upon the immediate impact of the ETFs hitting the market. Boyapati expected a notable surge in Bitcoin’s price as the new investment option makes it more accessible to a broader audience, including retail investors and traditional investment portfolios like pension plans and 401(k)s.
However, concerns were raised about the potential centralization of Bitcoin if large institutions accumulate significant amounts. Boyapati acknowledged these worries but suggested that widespread ownership could serve as a form of protection against government interference or confiscation.
The SEC’s role in this approval came under scrutiny, with Boyapati suggesting that it might be a response to market demand and legal pressure rather than a fundamental endorsement of Bitcoin by the regulatory body. Recent incidents, such as the SEC’s Twitter account hack, added an element of uncertainty to the situation.
When pressed for short-term price predictions, Boyapati hesitated but suggested that Bitcoin could reach $150,000 to $200,000 in the next one to two years due to increased demand resulting from the ETF approval.
Looking ahead, Boyapati anticipated more countries might follow El Salvador’s lead in adopting Bitcoin, not only as legal tender but potentially as a reserve asset, marking a significant step toward Bitcoin’s broader acceptance
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