This Will Be Bitcoin (BTC) Price After BlackRock ETF Approval: Expert Predictions
Aaron Arnold, renowned crypto expert and the voice behind Altcoin Daily, highlighted Grayscale's landmark win against the SEC in August. The DC Court of Appeals ruled that the SEC's rejection of Grayscale's application to convert its Bitcoin Trust into an ETF was without merit, setting a precedent that could pave the way for a flood of approvals.
Arnold, despite describing SEC Chairman Gary Gensler as arbitrary and capricious, said he believes that this landmark victory has put Gensler and the SEC over the edge, making approval of a spot Bitcoin ETF inevitable.
BlackRock Securities
Arnold recently had a dialogue with Anthony Scaramucci, founder of Skybridge Capital, who echoed his sentiments, underscoring the importance of the Grayscale case. He believes that Skybridge will gain a stake in BlackRock's ETF and expressed confidence in final approval of the ETF, despite anticipating potential delays from the SEC.
The Bitcoin Spot ETF is being heralded as a game changer, promising to simplify the crypto investment process for individuals and institutional players. ETFs empower wealth advisors, who manage the majority of capital globally, giving them an easy path to incorporate Bitcoin into investment portfolios.
This, in turn, opens up Bitcoin access to an untapped demographic, positioning it for unprecedented demand and growth. Similar to the approval of a gold ETF in 2004, which resulted in a 420% price spike, Arnold posited a similar outcome for Bitcoin.
He estimates that a 420% increase from the current value could see Bitcoin's price jump to between 130,000 and more than 300,000 dollars, depending on market conditions at the time of approval.
Bitcoin was worth $34,314 at press time.
