More

    $100,000 Bitcoin Could Come Even Sooner Than You Think With Ethereum Leading The Way

    Bitcoin and ethereum have bounced back after the latest China-induced sell-off last week, helping the cryptocurrency market return to $2 trillion.

    Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains

    The bitcoin price fell sharply last week after China’s central bank warned all crypto transactions are now illegal in the country but the latest crackdown has failed to deter investors who have continued to pile into other cryptocurrencies as well. The ethereum price has soared 12% over the last 24 hours.

    Now, it’s been predicted that U.S. Securities and Exchange Commission (SEC) could greenlight a long-awaited bitcoin exchange-traded fund (ETF) as soon as next month—something that could send the bitcoin price as high as $100,000.

    Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday

    “There’s still a high probability that the U.S. is just going to follow Canada, maybe with a futures-based bitcoin ETF,” Bloomberg Intelligence senior commodity strategist Mike McGlone told Stansberry Research last week.

    “There are now over [bitcoin ETF] 30 applications, and the fact that money is migrating from the U.S.—from Cathie Wood and Ark—towards Canada, the pressure is quite strong and high for the U.S. regulators to say: ‘All right, we’re kind of missing out here and we need to do that.'”

    Earlier this month, major investor Fidelity urged the SEC to approve a bitcoin ETF, pointing to increased investor appetite for virtual currencies, growing bitcoin adoption the existence of similar funds in other countries, according to media reports. However, the SEC has signaled it will continue its cautious approach under new chair Gary Gensler, following suit with his predecessor Jay Clayton.

    McGlone also doubled down on his $100,000 bitcoin price prediction, forecasting bitcoin will hit the psychological level by the end of 2021 but potentially as soon as October.

    CryptoCodex—A free, daily newsletter for the crypto-curious

    MORE FROM FORBES‘$500,000 In Five Years’-Elon Musk And Tesla Devotee Cathie Wood Reveals Huge Bitcoin And Ethereum Price Predictions

    “[After bitcoin broke] $10,000, it’s more likely to go to $100,000,” said McGlone, referencing bitcoin’s volatile price history. “The thing that I’ve underestimated this year is how much there’s been disdain and outflows from gold, and people giving up on gold and going to bitcoin, and going to bitcoin and ethereum, basically putting bitcoin and ethereum in the same bucket as gold.”

    McGlone looks to ethereum’s outsized performance this year—up 700% over the past 12 months compared to bitcoin’s 300% rally—as further justification for his $100,000 bitcoin price prediction.

    “If bitcoin just catches up to ethereum, of which there have been some ETFs launched in Canada, it would be at $100,000,” McGlone said. “In fact, it would be close to $130,000. So I think that’s part of the reason it’s probably gonna get there, and the question is when.”

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Atlantis Exchange Received 30,000,000 Advanced Bitcoin as Liquidity

    SEATTLE, WA, May 20, 2022 /24-7PressRelease/ — Atlantis Exchange is pleased to announce that a deposit of 30,000,000 Advanced Bitcoin (“aBTC”), a green cryptocurrency...

    These indicators show how the equities sell-off is influencing crypto prices to fall down

    Cryptocurrencies experienced on May 10 a large market crash, losing over 10% in a single day of most of the coins. This is the...

    Xendit Raises $300M to Grow Payments Platform

    Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million,...

    Top Cryptocurrency Prices Today, May 20: After crypto crash, Bitcoin, ETH, Solana, ADA, Polkadot, Matic rise upto 6%

    Top Cryptocurrencies of the World Prices Today in India (May 20, 2022): The global crypto market cap recovered 2.87% in the last 24 hours...

    Ethereum to Merge in August as Final Testing Begins

    The Merge is a milestone upgrade that transitions the Ethereum network consensus mechanism from proof-of-work mining to proof-of-stake (PoS). It is a significant step...

    Newsletter

    Subscribe to stay updated.