The cryptocurrency scene is on the brink of a major shift, with all eyes eagerly awaiting the potential approval of the first U.S. spot Bitcoin Exchange-Traded Fund (ETF) between January 5th and 10th, 2024. This pivotal moment draws parallels to history, resembling the impact seen when the first spot gold ETF hit Wall Street back in November 2004.
It seems we’re now sitting on a ticking bomb in the form of a bull rally. It’s just a matter of time till it explodes!
Back in 2004, the SPDR (State Street) Gold ETF (GLD) changed the game for the gold market. Over the next eight years, gold’s value shot up from $400 to $1,800—a staggering leap that added a whopping $8 trillion to its market cap, taking it from $2 trillion to an incredible $10 trillion.
Currently valued at around $500 billion, Bitcoin stands at a quarter of what gold was before the GLD ETF. Gabor Gurbacs, the brain behind PointsVille and an advisor to Tether and VanEck, believes that Bitcoin could follow a similar, if not faster, trajectory post the approval of a U.S. spot Bitcoin ETF.
Also Read: How Did the Market React to Wall Street’s First Bitcoin Futures ETF?
The approval of a U.S. spot Bitcoin ETF goes beyond just a milestone for Bitcoin—it could signal a massive change in the financial world, unlocking trillions of dollars in value and making history in the digital assets realm.
Unlike gold, Bitcoin operates on a fixed supply algorithm, and the upcoming Bitcoin halving event will further reduce new supply by 50%. If demand remains steady or increases, this scarcity could naturally push the price up.
A Bitcoin ETF could bring in significant institutional investments, with estimates suggesting an enthusiastic influx of $20-30 billion into Bitcoin through institutional products. Combined with Bitcoin’s limited availability and systematic scarcity, this surge could significantly boost its market value.
Should the ETF get the green light, cryptocurrency investment could undergo a major transformation.
Read More: These Altcoins Could be in the Top 10 in the Upcoming Bull Run Along with Bitcoin & Ethereum
So, what do you think? Is Bitcoin ready to dethrone gold as the ultimate store of value?
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