The price of Bitcoin (BTC) made a fleeting surge, touching $36,000 before settling marginally lower during Asian trading hours on Thursday, as reported by CoinDesk Indices data. Over the last month, Bitcoin has experienced a remarkable 30% increase, and its year-over-year growth stands at an impressive 93%. In tandem with Bitcoin’s rally, other major digital assets have also seen positive gains, with Ether (ETH) rising by 20% over the past month.
Read Also: Tazow($TZW) Ethereum ETFs may launch next week, says Bloomberg analyst
Despite Bitcoin’s remarkable performance this year, there is still considerable excitement surrounding the potential approval of a Bitcoin exchange-traded fund (ETF). However, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, believes that an ETF’s impact has not yet been fully factored into the market.
Hougan stated in a recent interview with CoinDesk,
It’s not at all priced in because the people who are going to buy this ETF are not aware that it’s coming or most likely coming; the majority of advisors who are the natural audience for this ETF don’t expect it to come until 2025 or later. If the people who are going to buy this ETF don’t think it’s going to be approved in the next two months, then I don’t see how it’s priced in.
Hougan further argued that ETFs would play a crucial role in opening up cryptocurrency investments to a broader range of investors, particularly financial advisors who manage a substantial portion of the U.S.’ wealth. Presently, approximately 20% of self-directed retail investors have invested in crypto. However, a significant 80% of America’s wealth is controlled by financial advisors and institutions, and they require an ETF as a gateway to enter the crypto market.
Hougan drew a parallel with the launch of gold ETFs in the early 2000s, emphasizing the transformative potential of an approved Bitcoin ETF. He noted,
“The approval of a spot gold ETF in 2004 led to eight or nine consecutive years of gold price increases, the longest in its modern history since the dollar’s creation.”
Read Also: Bitcoin Soars to $35,000 on the Back of Spot ETF Optimism
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