Wall Street bank Goldman Sachs says that the next few quarters will be bullish, fueled by the possibility of a Spot Bitcoin (BTC) ETF (Exchange Traded Fund) approval, BTC’s upcoming halving cycle, and cooling interest rates by the US Federal Reserve. The bank also anticipates an increase in trading activity for cryptocurrencies.
Also Read: Bitcoin: 13 Years Ago Satoshi Nakamoto Posted His Last Message
According to Mathew McDermott, the Global Head of Digital Assets at Goldman Sachs, there will be “a big increase in on-chain trading” over the next one to five years.
Commenting on BlackRock CEO Larry Fink’s prediction that tokenization of assets would be the ‘next generation’ for markets, McDermott stated it’s “a long way to comprehensively replicate most of the financial markets on blockchain.“
When will the US SEC approve a spot Bitcoin ETF?
According to a Bloomberg analysis, there is a 90% chance that the SEC (Securities and Exchange Commission) will approve a spot BTC ETF by Jan. 10, 2024. Other industry experts, such as Anthony Scaramucci, also believe that the SEC may approve one or more spot BTC ETFs by early January 2024.
Also Read: How Much Has Bitcoin Surged After Jim Cramer Asked to Sell?
A spot Bitcoin (BTC) ETF and BTC’s halving cycle in April 2024 could push the crypto market into another bull run. Bitwise researcher Ryan Rasmussen believes that the spot BTC ETF will be the biggest ETF launch of all time. Moreover, the researcher predicts that the ETF launch will propel BTC’s price to a new all-time high of $80,000.
Although many anticipate the SEC to approve a spot BTC ETF by early January 2024, there is a chance that the watchdog may delay its decision due to technical reasons. The SEC has postponed its decision on several occasions, missing every deadline so far.