Technology

Bitcoin ETF Approval Could Lead to Record Highs – Crypto News

Published

2 years ago

January 12, 2024

Dripp

Anthony Scaramucci, the renowned founder and CEO of SkyBridge Capital, has recently vocalized strong support for the newly approved U.S. Bitcoin exchange-traded funds (ETFs). In a significant move by the Securities and Exchange Commission (SEC), rule changes were enacted to facilitate the launch of these ETFs in the United States, marking a pivotal moment in cryptocurrency investment.

Anthony Scaramucci’s Crypto Strategy

SkyBridge Capital has experienced its most profitable year in 2023, a triumph largely attributed to the firm’s strategy of gradually investing in cryptocurrencies like Bitcoin, Ethereum, and Solana. This approach has positioned the hedge fund favorably in the rapidly evolving digital asset market.

Bitcoin’s Price Surge and Market Optimism

The approval of Bitcoin ETFs by the SEC has ignited a surge in Bitcoin’s value, with a notable 7% increase, bringing its price to $48,118 at the time of reporting. This development has sparked a wave of optimism among financial analysts, who foresee a significant potential for growth in the cryptocurrency sector. Scaramucci, sharing this optimistic outlook, predicts that Bitcoin could surpass its previous all-time high of nearly $69,000, achieved in November 2021, by the end of the year.

Expanding Access to Bitcoin Investments

The launch of Ark Invest’s first Bitcoin ETF, in collaboration with 21Shares, is a major step in democratizing access to Bitcoin investments. President and COO of Ark Invest, Tom Staudt, views Bitcoin as a “public good,” now more accessible to a broader investor base. The ARK 21Shares Bitcoin ETF, characterized by a competitive 0.21% fee, is part of a suite of similar funds reshaping the investment landscape for Bitcoin.

This suite includes offerings from Bitwise, Fidelity Wise Origin, WisdomTree, Invesco Galaxy, and Valkyrie, all contributing to a diverse and competitive market. With fees starting as low as 0.2% for Bitwise’s product, these ETFs represent a new era in cryptocurrency investment, combining affordability with the promise of substantial market growth.