Confident with the approval of its spot Bitcoin ETF application, Bitwise has already fired the first shot in the ad war for these new financial instruments.
The Bitwise Bitcoin ETF Ad
Bitwise Asset Management, Inc. just launched a short advertisement that sure had the crypto community all pumped up. It’s a pretty straightforward one featuring Jonathan Goldsmith, also known as the “Most Interesting Man in the World” in TV commercials, in a two-liner promo saying, “You know what’s interesting these days? Bitcoin.”
The ad ends with “Bitwise: ETFs backed by crypto specialists” along with a lengthy small print detailing the risks of investing in cryptocurrency assets and tokens. So far, the original version of the advert already racked up 1.9 million views on the X platform.
Of course, many people see this as a sign of confidence in the approval of Bitwise’s spot Bitcoin ETF filing to the US Securities and Exchange Commission (SEC). For speculators, it could also mean the company may have caught wind of something related to its ETF application that the public does not know yet. Regardless, it’s either great news waiting for us all or Bitwise is just counting its chickens before they hatch.
How is Bitcoin Reacting to the News?
Bitcoin nudges up by 2% to $42,632 on the 24-hour chart as of 2:30 PM UTC on Tuesday just hours following the release of the Bitwise ad. Trading volume also increased at the same rate as $23.55 billion worth of BTC was traded in crypto exchanges while prices swung between a low of $41,152 and a high of $43,354 in the same frame.
Zooming out the charts reveals that Bitcoin gained 2% on the weekly, 17% on the monthly, and 155% on the annual timeframes. The massive recovery of Bitcoin allowed it to gradually narrow the gap from its current price to its all-time high of $68,789 on November 10, 2021, by around 38%. That’s still a long way to go, but if the super bullish predictions of prominent analysts are to be considered, it may eventually surpass those numbers sometime in 2024. Estimates range from Bitwise Senior Analyst Ryan Rasmussen’s conservative $80K forecast to the bold $1 million projection of ARK Invest CEO Cathie Wood on the way to 2030.
What is Fueling the Bitcoin Bandwagon Now?
Bitcoin is uniquely positioned for a major push due to two key events happening in its ecosystem by next year. The first is the anticipated mass approval of the spot Bitcoin ETF filings pending SEC scrutiny from January 5 to 10. Actually, the SEC is only scheduled to give its final decision for 21Shares & ARK Bitcoin ETF of ARK Invest by the tenth, but industry experts are optimistic that it will be a sweeping endorsement of other filings to level the playing field.
Meanwhile, the halving is expected on April 19, 2024, which will increase the mining difficulty and decrease the rewards in the Bitcoin ecosystem. This will further drive the scarcity of the largest cryptocurrency by market cap, resulting in spiking prices.