Bitcoin Bulls Soar on ETF Approval Skyrocketing Towards $100,000 Milestone!

• Cryptocurrency bulls say bitcoin could surge to more than $100,000 this year after the U.S. Securities and Exchange Commission approved the first-ever U.S. spot bitcoin exchange-traded fund.

• Several crypto investors CNBC spoke with said they see the world’s top cryptocurrency rising in 2024, with all-time high price predictions ranging from $100,000 to $250,000.

• Bitcoin hasn’t moved substantially since the decision. Still, investors believe it’ll start to see significant gains later in the year as the effects of ETF.

• Cryptocurrency bulls say bitcoin could surge to more than $100,000 this year after the U.S. Securities and Exchange Commission made a pivotal step to approve the first-ever U.S. spot bitcoin exchange-traded fund.

• Several crypto investors CNBC spoke with said they see the world’s top cryptocurrency rising in 2024, as the effects of approval of a bitcoin ETF, which would diversify the range of investors that can gain exposure to the cryptocurrency, begin to become more apparent.

Prices reacted to that substantially since the SEC’s move Wednesday. Bitcoin’s price was trading at $46,118 apiece, down around 0.4%.

It briefly topped $49,000 to levels not seen since December 2021.

Over time, though, ETFs, coupled with other developments in the crypto world, are expected to drive major upward movements in Bitcoin

What’s a Bitcoin ETF?

ETFs allow more retail investors to hold bitcoin indirectly via a share traded on a stock exchange. Investors expect acceptance of the token to become more mainstream with more and more institutions like BlackRock, Fidelity, and others offering these products.

Anthony Scaramucci, the founder of Skybridge Capital, said he’s been increasing his exposure to Bitcoin, Ethereum, Solana, and other cryptocurrencies over the past year.

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