The launch of the Bitcoin ETF could boost daily demand for bitcoins by $100 million, analysts predicted
The price of Bitcoin (BTC) can grow by 521% from current values to $180 thousand before the planned April 2024 halving. This is reported by Business Insider with reference to the data of the research company Fundstrat.
Now the daily demand for BTC in the amount of about $25 million is equivalent to the daily reward for mining in the amount of about $25 million. But the situation may change in the case of the launch of the Bitcoin-ETF, the analysts of the company believe.
In their opinion, Bitcoin funds can increase the daily demand for BTC by $100 million. Such growth taking into account the halving in April 2024. And which will reduce the daily reward for mining to $12 million. It means that the price of BTC must grow significantly for an equilibrium between buyers and sellers to be reached.
In July, NYDIG analysts said that spot Bitcoin-ETFs will provide demand for cryptocurrency for $30 billion. Experts came to this conclusion after the largest management companies submitted applications for the launch of such funds.
Our experts note that at the same time, Bloomberg senior analyst Eric Balchunas believes. That the approval of applications for the launch of spot exchange-traded BTC funds (ETFs) in the United States will open the bitcoin market access to capital of $ 30 trillion.
Because of the small amount of liquidity of the asset on exchanges. It may be...