The recent surge in Bitcoin’s price is being attributed to renewed optimism for an approved Bitcoin spot ETF, with several investment firms applying for one with the US Securities Exchange Commission. This has led to a “Great Accumulation Race” for Bitcoin, with industry pundits suggesting that the window to front-run institutional demand for Bitcoin is closing fast. While retail investors have a head start in accumulating Bitcoin, increasing institutional demand may push them aside. Bitcoin’s price is now extremely inelastic, and no ETF application is expected to be approved by the SEC until January or February 2024 at the earliest. Despite this, some analysts predict that Bitcoin will hit six figures toward the end of 2024.
Key points:
– Renewed optimism for an approved Bitcoin spot ETF has led to a surge in Bitcoin’s price.
– The “Great Accumulation Race” for Bitcoin has begun between institutions and retail investors.
– The window to front-run institutional demand for Bitcoin is closing fast.
– Retail investors may soon be pushed aside by increasing institutional demand.
– Bitcoin’s price is now extremely inelastic, and no ETF application is expected to be approved by the SEC until January or February 2024 at the earliest.
– Some analysts predict that Bitcoin will hit six figures toward the end of 2024.