June 13, 2024

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Bitcoin Price Surges to $36K, ETFs Could Push It Higher

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Bitcoin price surges to $36K as investors anticipate the approval of a Bitcoin exchange-traded fund (ETF). Could ETFs push Bitcoin even higher?

Bitcoin Preparing a Charge at $27K While Altcoins Mostly Flat

Bitcoin (BTC) briefly topped $36,000 on November 9, 2023, before settling slightly lower. This represents a 30% gain for Bitcoin in the past month and a 93% gain over the past year.

Some analysts believe that Bitcoin’s recent gains are due to the widely expected approval of a Bitcoin exchange-traded fund (ETF). However, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, believes that an ETF is not yet priced in.

Hougan argues that the people who are most likely to buy a Bitcoin ETF are not aware that it is coming or when it is coming. He also points out that the majority of financial advisors, who are the natural audience for this ETF, do not expect it to be approved 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 said.

ETFs are expected to play a significant 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.

What does this mean for investors?

If Hougan is correct and an ETF is not yet priced in, then there may be more upside potential for Bitcoin in the near future. However, it is important to note that Bitcoin is a volatile asset and its price can fluctuate wildly. Investors should always do their own research before investing in any cryptocurrency.

Here are some tips for investing in Bitcoin:

  • Only invest what you can afford to lose.
  • Do your own research and understand the risks involved.
  • Diversify your portfolio by investing in other cryptocurrencies and assets.
  • Use a reputable cryptocurrency exchange.
  • Store your Bitcoin in a secure wallet.

Bitcoin’s recent gains are a sign of growing institutional interest in the cryptocurrency. However, it is important to note that Bitcoin is still a volatile asset and investors should always do their own research before investing.


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