1 Top Bitcoin ETF to Buy Before the Crypto Market Soars 300%, According to a Wall Street Analyst

The cryptocurrency market is currently worth $1.6 trillion, and Bitcoin (CRYPTO: BTC) accounts for 50% of that total. Bitcoin dominance (i.e., the market value attributable to Bitcoin) was also 50% five years ago, though it has ranged from 38% to 70% during that time period.

With that in mind, Morningstar analyst Michael Miller expects the cryptocurrency market to soar 300% to $6.4 trillion by 2032. If Bitcoin dominance stays at 50%, the implied upside for Bitcoin would also be 300%. Alternatively, the implied upside would be closer to 200% if Bitcoin dominance slipped to 38%, and the implied upside would be closer 460% if Bitcoin dominance increased to 70%.

Regardless, cryptocurrency bulls have good reason to invest in Bitcoin, and that can be done in a few ways. The most obvious method is a cryptocurrency exchange like Coinbase (NASDAQ: COIN). But creating and managing an account may be a headache, especially for investors with existing brokerage accounts.

Fortunately, a new type of investment product eliminates that friction: spot Bitcoin ETFs.

Spot Bitcoin ETFs reduce friction for investors

Earlier this month, the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs, funds that track the price of Bitcoin. That landmark decision could draw more retail and institutional investors to the market, and the influx of capital could drive the price of Bitcoin much higher in the years ahead.

Spot Bitcoin ETFs are particularly attractive because they eliminate the headache of managing multiple accounts. Investors no longer need to buy Bitcoin through a specialized exchange, nor do they have to worry about storing the cryptocurrency with a blockchain wallet. Instead, spot Bitcoin ETFs make it possible to add Bitcoin exposure to existing brokerage accounts. That convenience is why spot Bitcoin ETFs could drive the price of the cryptocurrency higher.

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