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While bitcoin recovers, halfway through resistance to a range between $40,000 and $45,000 per coin, let's pay attention to the long-term plan.
Analysts at Swiss Bank SEBA noted that it was realistic for bitcoin to reach $75,000 this year. They cited the growing institutional adoption of bitcoin as the main growth driver.
New forecasts on the prospects and timing of approval of a spot BTC-ETF in the US have been released today.
Bitwise CIO Matt Hougan is optimistic that federal regulators will finally green-light a spot Bitcoin exchange-traded fund this year.
In a new interview on CNBC's ETF Edge, Hougan says that in terms of fraud risks, there is no material difference between the flagship cryptocurrency and other commodities to warrant the disapproval of Bitcoin ETFs.
Matt Hougan said that there were certainly instances of fraud and manipulation in all sorts of commodity markets. However, the situation with bitcoin is hardly materially worse in the Bitcoin market. So, if the same standards are applied to oil, natural gas, gold, silver, et cetera, that have allowed ETF to launch in those commodities, those same standards are applied to Bitcoin and other crypto assets.
Hougan also mentioned that the crypto industry's efforts to address the challenges facing the US Securities and Exchange Commission (SEC) would eventually lead to regulators approving applications to open bitcoin-ETFs.
Bitwise CIO is not sure of his company's chances, but the issue should be resolved for the industry as a whole.
"While I can't speak to Bitwise's filings, the quality of filings around Bitcoin ETFs have improved dramatically over the past year. Companies, not just Bitwise but others, are providing extreme amounts of data to the SEC to help answer their questions and I think, eventually, the cumulative weight of evidence will force them to move forward with an approval."
Hougan believes that when the ETF finally gets the green light, investors will benefit. They will be more protected and get better products. Access to the cryptocurrency market will be much easier, which could save billions of dollars in the long run.
Matt Hougan said he was very hopeful that they would get a spot bitcoin ETF that year.
That sounds optimistic. Notably, the approval of bitcoin futures ETFs boosted the major cryptocurrency from 40,000 to 69,000 last year.
If bitcoin regains some of its positions, a new driver in the form of a spot ETF could lead to a renewal of the historical highs for BTC/USD even by the end of the year. Then maybe the $100,000 target will be achievable.
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