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ETF approval could send Bitcoin to $60,000 near term - deVere's Green

Published 01/11/2024, 06:37 AM
Updated 01/11/2024, 06:39 AM
© Reuters ETF approval could send Bitcoin to $60,000 near term - deVere's Green

Nigel Green, a long-term cryptocurrency advocate and CEO of the deVere Group, sees the landmark SEC approval of 11 spot Bitcoin ETFs on Wednesday sending the cryptocurrency higher - perhaps to $60,000 as soon as the end of March 2024.

"This approval by the financial regulator of the world’s largest economy is a landmark moment for Bitcoin and the wider crypto market and boosts prices in the long-term, even if there’s a sell-off in the near-term," Green stated.

Green cited five reasons for his near-term bullishness:

First, he cited institutional validation. "The approval of Bitcoin ETFs represents a resounding institutional validation of the cryptocurrency, marking a departure from its initial reputation as a speculative and volatile asset," he commented.

Second, is the likely influx of capital. "One of the primary catalysts for the anticipated surge in Bitcoin prices is the massive influx of capital that is expected to follow the approval of ETFs," Green noted.

Third, is accessibility and liquidity. "Bitcoin ETFs help democratize access to the cryptocurrency market, allowing a broader range of investors to participate," he said.

Fourth, he cited market integration and regulatory clarity. “As regulatory uncertainties dissipate, more and more institutional and individual investors can confidently engage with the crypto market, further reinforcing the legitimacy of Bitcoin," Green stated.

And Fifth, Green cited increased global adoption. "As more countries embrace the idea of regulated Bitcoin ETFs, the cryptocurrency will likely gain further acceptance on the international stage, attracting a broader investor base and propelling prices to potentially new heights," Green added.

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"On a tidal wave of investor enthusiasm, we wouldn't be surprised if Bitcoin hits $60,000 this quarter – and higher moving forward throughout the year," he concludes.

Latest comments

Great distraction from Gold. you know that shiny metal substance that the banks are buying hand over fist.
Be careful...this is how they duped investors last time. Promises of 200K BTC...herd in the lemming bag holders then open the bomb traps
Wonder if there will be any positive impact for the DEFTF stock.
They going to drive this up then bomb trap all the buyers then fly down all the way
SEC approval means nothing, other than $trillion dollar hedge funds were able to 'BUY' the swamp legislators off, again, Further enriching Wall Street pariah. But, who cares. This generation will meet the replacements for Guzman, Boesky, Milken, Ebbers, Madoff and the likes. What could go wrong with a $trillion dollar pool, backed with nothing and stocked with Piranha?
Well said!
I bought 1 at $973 years ago. A co-worker that convinced me to buy bought 10 back then 2017 and multiples since then. I can say I knew him when.....
He probably bought at $30k 😂
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