How Much Would BTC Price Be Now If Bitcoin ETFs Were Not Approved? Here is Bloomberg Analyst’s Prediction
The post How Much Would BTC Price Be Now If Bitcoin ETFs Were Not Approved? Here is Bloomberg Analyst’s Prediction appeared on BitcoinEthereumNews.com.
According to Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence, Bitcoin’s price could have been significantly lower without the influence of ETFs. Balchunas stated in a recent interview that he believes Bitcoin would be trading around $20,000 if ETFs did not exist. The analyst pointed to the price surge following BlackRock’s filing for a spot Bitcoin ETF as evidence of the ETF’s impact, arguing that the anticipation and subsequent launch of these ETFs fueled a significant portion of Bitcoin’s price increase. Balchunas praised the performance of spot Bitcoin ETFs since their launch, noting that they have returned 31% despite market volatility. The analyst described the funds as a “godsend” for Bitcoin, emerging at a crucial time and providing a bridge between traditional finance and the crypto world. The analyst noted the trust and coverage that major companies like BlackRock and Fidelity have brought to the space, saying that the involvement of these institutions has given Bitcoin legitimacy and made it more acceptable to mainstream investors. Balchunas also discussed Morgan Stanley’s decision to offer Bitcoin ETFs to some of its wealthy clients, which he called a positive development and suggested could pave the way for other major institutions to follow suit. However, former SEC official John Reed Stark warned that Morgan Stanley’s move could trigger increased regulatory scrutiny. Balchunas dismissed those concerns, arguing that the regulated nature of ETFs and the involvement of established firms such as BlackRock provide sufficient safeguards. Looking ahead, Balchunas expressed optimism regarding the approval of Bitcoin ETF options, estimating that they have a 75% chance of approval this year. Balchunas also touched on the possibility of a spot Solana ETF, acknowledging its potential but stressing that its realization is closely tied to the broader regulatory environment and market sentiment. *This is not investment advice. Follow our…
Filed under: News - @ August 14, 2024 3:24 pm