With the momentum of a Bitcoin ETF, the worth of the Bitcoin digital currency (BTC) could attain the 6-digit mark, says FSInsight analyst Tom Lee.
In a report sent to clientele on October 18, FSInsight strategist Tom Lee mentioned that with a amount of Bitcoin ETFs in the method of getting accepted by US authorities, BTC has a good chance to hit the $ one hundred.00 selling price level. .
This evaluation was produced by Mr. Tom Lee primarily based on the evaluation of the ten biggest ETFs in the initial 12 months of action. The most thriving fund is the Nasdaq one hundred ETF (share code is QQQ) listed in 1999, with an investment volume of up to $ 36 billion in the initial 12 months.
FSInsight Strategist Is Confident ProShares Bitcoin ETF Can Break QQQ Record And Attract Inflows 50 billion bucks, getting a pioneering merchandise, it is also the initial “door” for significant investment institutions to have publicity to the cryptocurrency sector.
As reported by Coinlive, ProShares Bitcoin ETF is the initial Bitcoin ETF accepted by US economic authorities and authorized to go public on the New York Stock Exchange beneath the BITO code this evening (October 19). The ProShares Bitcoin ETF will trade futures contracts on behalf of traders, as an alternative of straight holding BTC.
FSInsight estimates that the day-to-day trading demand for Bitcoin by the fund will be $ 50 million, mixed with $ ten million of BTC produced each and every day as block rewards, the selling price of Bitcoin could attain. 168,000 USD.
In addition to the ProShares Bitcoin ETF, there will be eight a lot more Bitcoin ETF proposals pending SEC approval from now until eventually December. Among them, Valkyrie’s Bitcoin ETF is the most possible to be accepted, as leaked paperwork present the fund is about to go public on the Nasdaq exchange.
In September, Bloomberg strategists also predicted that a Bitcoin ETF will be accepted this October and set a target by the finish of 2021 for a BTC selling price of $ one hundred,000.
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