While Bitcoin exceeded $ 36,000 after the positive news from the SEC-Grayscale front, investors are wondering whether the rise will continue.
At this point, positive comments came from Bitwise CIO. Speaking to Coindesk, Bitwise Asset Management's Chief Investment Officer Matt Hougan said that spot Bitcoin ETFs have not yet been priced.
Although many in the market think that BTC's rise is due to spot ETFs, Bitwise CIO disagrees.
“Spot ETFs are not priced at all because people who would buy that ETF don't know that ETF approval is coming or is likely to come.
The majority of natural and potential investors in these ETFs don't expect this to happen until 2025. “At this point, if people who are going to buy these ETFs don't think they're going to be approved within the next two months, then I don't see how it's priced.”
Stating that 20% of cryptocurrency investments are made by individual investors, Hougan said that 80% of investments in the USA are controlled by financial advisors and institutions that need an ETF to access crypto.
“If we compare the situation in the US to the launch of gold ETFs in the early 2000s, I see that there is a completely new audience for Bitcoin.
The approval of a spot gold ETF in 2004 led to eight or nine consecutive years of increases in gold prices.
This was the longest-running increase in the modern history of the dollar since its creation. “I expect the increase in gold to also occur for Bitcoin.”
Bitwise COI Hougan finally added that he sees the future of Bitcoin price positively.
*This is not investment advice.
