In the past three years the U.S. Securities and Exchange Commission has shot down several applications for a Bitcoin (BTC) exchange-traded fund. This dashed hopes of many investors who believed Bitcoin price would rally higher if an EFT was approved.
Although investors no longer pin BTC’s future on the existence of an ETF, regulators could eventually adjust their anti-crypto stance in the future.
In an interview with Cointelegraph, SEC Commissioner Hester Peirce said that the regulator will have to become accommodative to innovation as several people from both the crypto space and traditional financial institutions seek their guidance.
Bloomberg’s latest crypto newsletter predicts that a Bitcoin ETF could see the light of the day if Democratic presidential nominee Joe Biden is elected as the next U.S. President. The author believes that a change in guard may bring regulatory clarity that could attract investments into digital assets.
Crypto market data daily view. Source: Coin360
However, even if President Donald Trump is re-elected, Bloomberg expects Bitcoin to extend its uptrend through his second term as the digital asset will be buoyed by the rising debt-to-GDP, quantitative easing, and Bitcoin hash rate.
Even if Bitcoin only rallies at half the speed of its 1,400% gain from 2016 to 2020, it would rally to $80,000 by 2024.
The long-term forecasts are encouraging and so are the short-term charts. Let’s analyze the top-5 cryptocurrencies that may