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Galaxy Digital Projects Bitcoin Price to Reach Near $60,000 Year After Spot ETF Approval
In an Oct 24 market analysis, Galaxy’s research associate Charles Yu explained the possible effects of a spot BTC ETF in the United States as well as its significance in light of new market realities.
The firm projects the growth of Bitcoin by 74% in the first year of an ETF approval which could see the price of the asset soar to $59,000 while marking a 6.1% increase in the first month
Yu’s predictions are not far-fetched as the run-up to an ETF approval has seen the price of the asset spike in anticipation. The price soared past $31,000 following BlackRock’s application to the Securities and Exchange Commission (SEC) as well as similar moves by Fidelity, Valkyrie, and other firms.
Recently, Bitcoin also spiked above $35,000, a 16-month high still on the back of an imminent approval by the SEC.
Wider impacts on adoption
The reports highlight the benefits of a spot BTC ETF approval on the market as well as for institutional investors which it described as the most accessible and direct market of the ETF
With the wealth management industry in the US at $48 trillion across banks, registered investment advisors, and brokers, Galaxy predicts huge growth because an ETF would create ease in pouring institutional funds into the market.
In total, the United States market size for a BTC ETF will soar to $14 trillion in the first year and $39 trillion by the third year.
According to Wu, investments would extend beyond these asset ranges if international clients, other investment products, and retail services capture the estimate
Effective adoption and regulation
A Bitcoin spot ETF will open the market creating accessibility for institutional and retail players across wealth groups. The move takes the ball from wealth managers and expands it to RIA’s, brokerage, and other fiduciaries.
Furthermore, big corporations in traditional finance making applications for a spot ETF give the market a new wave of credibility driving proper regulation to the market.
The crypto market has faced regulatory issues in the United States following the fall of the Terra eco and the infamous implosion of FTX