Will Bitcoin skyrocket, dump, or go sideways, leading investors to go down an unexpected path? Will Bitcoin Spot ETFs be approved in January? And will crypto regulations finally be prioritized in the United States?
All of these questions which are of particular interest to crypto investors are going to be discussed in this article.
1. The Approval Of Spot Bitcoin ETFs
We are getting very strong signals right now as Spot Bitcoin ETFs are probably coming in early January.
The SEC has met with representatives from the different investing firms all at once, to discuss the launch of a Spot Bitcoin ETF product. For context, this is a rare meeting — ETF analysts were surprised by this news as this does not happen frequently, and not something that the SEC usually does.
These ETF applicants were instructed that any issuer that does not meet the deadline of December 29th, 2023 for the final changes will not be part of the wave of potential approvals in early January.
So basically, we are seeing a last minute rush of paperwork here with all these companies, trying to get in those final amendments and getting all the wording exactly the way the SEC wants to be seeing it.
Remember, we have a window of January 5th to January 10th that we are looking at right now because that is when there are no comment periods left for any of the ETF providers. Many are speculating that the SEC has done this on purpose to be able to approve trading for these assets in that particular window.
Read: Countdown To Crypto History: SEC’s Imminent Verdict On Bitcoin Spot ETF
2. Bitcoin Will Reach New All-Time Highs
When you mix in everything that has been happening between the halving, the Bitcoin ETF situation, the massive accumulation, and also the anticipation of prices moving up, this puts us into a very weird space that we have actually never been in before. Much of the history of Bitcoin and the cryptocurrency space was relatively speculative. That is not to say that it is no longer speculative — every asset class is speculative.
But if we take into account the halving event which is slated for April 2024, we would generally tend to create a conjecture that Bitcoin will indeed exponentially increase in value in Q3-Q4 post halving, as it also happened in previous cycles.
As of now, the price predictions that are currently floating around for Bitcoin in 2024-2025, are usually around in the $80,000-$125,000 range. Some even talked about a $500,000 per Bitcoin, but that is only taking into account some special circumstances. People also discussed the pause in interest rate hikes, speculating rate cuts, and that the flow of money will be pushed back into the markets.
Read: VanEck Makes New Bold Predictions On Bitcoin For 2024
3. Crypto Regulations In The US Will Finally Be Prioritized
Coinbase is currently fighting for the crypto industry as a whole as the SEC won’t provide any clear guidelines when it comes to crypto.
Oral arguments in this case are happening on January 17th, 2024 — we are weeks away and this was allowed by Judge Katherine Polk Failla. This alone is massive, and says a lot to offer some insights into the case. These things historically do not typically happen when a judge allows for oral arguments without some type of discovery first.
Coinbase, as you know, filed for the motion to dismiss this case as they are not selling securities, but the SEC claims they are.
When it comes to the oral arguments in the lawsuit, the SEC does not have legs to stand here. It will be an uphill climb for the agency as Coinbase will naturally be mentioning the previous actions of the SEC Chair, Gary Gensler.
Final Thoughts
The confluence of timing here is crazy for the crypto industry — we have the Bitcoin Spot ETF like weeks earlier than the deadline, and then the oral arguments. If Coinbase gets a win and the SEC takes a massive loss, this is going to set so much precedent for the entire crypto space if all things go well.
As we enter a new year, it is time to let go of the past and all the anguish and hurt it brought, whether be in crypto or life in general. Prepare to enter 2024 as we start a new crypto cycle by letting go of whatever that holds you back, letting us move forward and give ourselves the liberty to use the talents and capabilities given to us to its fullest potential.