Former FTX US President Brett Harrison with Cointelegraph Magazine. As part of the discussion, Harrison gave his thoughts on when a will be approved and the possible price level the foremost crypto token could attain when this happens.
A Spot Bitcoin ETF Could Be Approved In Q1 of 2024
Harrison is said to have mentioned that there is a very “high probability” that the Securities and Exchange Commission (SEC) will approve a Spot BTC ETF in the first quarter of 2024. His prediction happens to be in line with the fact that the SEC has to make a decision on ARK 21Shares Spot Bitcoin ETF on or before January 10, 2024.
As such, there is indeed a high likelihood that a Spot Bitcoin ETF could be approved in Q1 of 2024 (and as early as January). Bloomberg analysts James Seyffart and Eric Balchunas had also earlier mentioned that there is a 90% chance that approval will come by the January 10 deadline.
Meanwhile, there is a growing belief that we might have more than one Spot Bitcoin ETF application approved by January 10. Seyyfart had, after the Templeton and Hashdex delay, reasoned that the SEC could be lining up all ETFs for a “full wave of approvals.”
Bitcoin’s Potential Price When This Happens
Harrison also gave his thoughts on what price level Bitcoin could hit when a Spot Bitcoin ETF is approved. The former FTX US President seemed to have been conservative with his price prediction as he put BTC’s potential price between $50,000 and $55,000. He doesn’t foresee the foremost crypto token hitting six figures towards the end of 2024 or early 2025.
His prediction about when Bitcoin could hit six figures coincides with Matrixport’s prediction of $125,000. The predicts that BTC will hit this price level by the end of 2024. Harrison’s prediction of the BTC price rising to as high as $55,000 on the back of approval seems plausible when looking at Matrixport’s projection of BTC hitting $63,140 by April 2024.
Harrison is undoubtedly bullish about a Spot Bitcoin ETF and the success such an investment vehicle can enjoy. He alluded to the first day of a Bitcoin Futures ETF launching to back up his optimism. The ProShares Bitcoin Strategy (BITO) ETF (the first Bitcoin futures ETF) is to have seen more than $1 billion in its first two days after launch.
BITO became the fastest ETF ever to hit that figure. However, Harrison believes that a Spot Bitcoin ETF could go on to break more records.