In a recent tell-all interview with Cointelegraph Magazine, Brett Harrison, the former helmsman of FTX US, has offered his insights on the tantalizing prospect of a Spot Bitcoin ETF approval and its ramifications for the price of Bitcoin. According to Harrison, there is a “high probability” that the U.S. Securities and Exchange Commission (SEC) will greenlight a Spot BTC ETF as early as the first quarter of 2024. This speculation gains further credibility in light of the SEC’s obligation to make a formal decision regarding the ARK 21Shares Spot Bitcoin ETF proposal by January 10, 2024.
Bolstering Harrison’s assertions are sentiments from Bloomberg’s seasoned analysts, James Seyffart and Eric Balchunas, who have pegged the chances of an approval by January 10 at an encouraging 90%. What’s more, following recent deferrals on ETF applications from firms like Templeton and Hashdex, there’s rising optimism fueled by Seyffart’s suggestion that the SEC might be orchestrating a sweeping sequence of ETF endorsements—a so-called “full wave of approvals.”
On the topic of Bitcoin’s future market valuation post-ETF approval, Harrison projects a modest surge in the cryptocurrency’s price, estimating that Bitcoin could reach a zenith of $50,000 to $55,000. Despite the restraint in Harrison’s forecast, his expectations don’t quite align with those of Matrixport. The distinguished crypto financial services firm envisages a bullish climb to $125,000 by the tail end of 2024. With Matrixport’s April 2024 marker set at $63,140, Harrison’s anticipation of a price bump to $55,000 post ETF-approval seems to be in the realm of the probable.
Harrison’s bullish posture on the Spot Bitcoin ETF is further solidified when paralleled with the inaugural success of the ProShares Bitcoin Strategy (BITO) ETF—the first of its kind in the Bitcoin futures category. BITO made a splash in the ETF arena by amassing over $1 billion within the first two days of its launch, a record-breaking feat in its own right. Harrison’s confidence in a Spot Bitcoin ETF surpassing previous records is reflective of the immense potential he sees in such an investment breakthrough.
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