Bitcoin Bulls Eye $100,000 Surge in 2024, Optimism Soars with SEC's ETF Approval
Cryptocurrency enthusiasts are optimistic about Bitcoin's potential to surpass $100,000 this year, following a crucial move by the U.S. Securities and Exchange Commission (SEC) to greenlight the first U.S. spot Bitcoin exchange-traded fund (ETF). Investors foresee a significant uptrend in 2024, as the impact of the ETF approval begins to manifest, diversifying the investor base for cryptocurrency.
Although Bitcoin's price has not experienced a substantial shift since the SEC's ETF approval, enthusiasts believe that, over time, the combined effects of ETFs and other developments in the crypto space will drive significant upward movements. ETFs enable retail investors to indirectly hold Bitcoin through shares traded on a stock exchange, fostering broader acceptance as institutions like BlackRock and Fidelity offer these products.
Anthony Scaramucci, founder of SkyBridge Capital, expressed confidence in Bitcoin's potential, stating that he has been increasing exposure to Bitcoin, Ethereum, Solana, and other cryptocurrencies. He sees the SEC's ETF approval as a significant breakthrough for Bitcoin as a digital asset and anticipates an all-time high by the end of the year, with a price target of $100,000.
Drawing parallels to the approval of the first spot gold ETF in 2004, Scaramucci likened Bitcoin to "digital gold" and suggested that it could potentially reach 50% to 60% of gold's market capitalization, implying a tenfold increase in price over the next decade.
Vijay Ayyar, VP of International for CoinDCX, noted that ETF approvals were already factored into the market and expects the next surge in Bitcoin's price to occur when purchases for the ETF itself commence.
2023 marked a turnaround for Bitcoin, rebounding from the challenges of 2022, including the collapse of FTX and regulatory concerns. Bitcoin's price more than doubled in 2023, along with gains in other digital tokens. Industry executives are optimistic about another bull run in 2024, attributing it to the Bitcoin ETF approval and the scheduled "halving" event, where rewards for miners are halved every four years.
Prominent investors like Tim Draper and Tom Lee are bullish on Bitcoin, predicting price targets of $250,000 and $150,000, respectively, within the next year. Draper, however, emphasizes increased adoption by women as a crucial factor in Bitcoin's success in 2024.
Despite differing opinions, there is a prevailing sentiment among investors that Bitcoin's potential for growth in 2024 is promising, driven by a combination of institutional involvement, ETF adoption, and the scheduled halving event.