Bitcoin ETF May Be A Catalyst For 74% Price Surge In 2024, Galaxy Researchers Say
Portfolio Pulse from Murtuza Merchant
Galaxy Digital, a crypto fund, predicts a 74% surge in Bitcoin's price in 2024 if a U.S.-regulated spot Bitcoin ETF is approved. The firm believes a Bitcoin ETF would offer benefits such as lower fees, better liquidity, and price tracking, and more convenience. Galaxy estimates the addressable market size of a US Bitcoin ETF to be approximately $14 trillion in the first year, surging to $39 trillion by the third year. If Bitcoin is embraced by 10% of the total accessible assets in each wealth channel with an average allocation of 1%, it could lead to inflows of $14 billion into a Bitcoin ETF in the first year post-launch.
October 25, 2023 | 3:38 pm
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Galaxy Digital predicts a 74% surge in Bitcoin's price in 2024 if a U.S.-regulated spot Bitcoin ETF is approved. This could lead to significant inflows into a Bitcoin ETF, particularly from wealth management channels.
The approval of a U.S.-regulated spot Bitcoin ETF could lead to a significant increase in Bitcoin's price due to the potential inflows from wealth management channels. This would make Bitcoin more accessible and attractive to investors, potentially driving up its price.
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