Crypto investors are awaiting Security & Exchange Commission (SEC) approval for a spot bitcoin ETF, which could unlock a surge of capital investment in the crypto space. However, this isn’t the first time that crypto news created a stir of hype around digital assets, but is this time truly different?
Markus Thielen, DeFiResearch.com Head of Research, joins Yahoo Finance to discuss what this ETF approval could mean for bitcoin and the crypto space, and why he feels that if approved, it could potentially reach a high price target.
“I think, to put it in numbers, there’s around $120 billion US dollars in precious metals ETFs in the US, so that means in gold and in silver, and if you just move 10-20% of those and shift them over into bitcoin you have certainly sort of something in the range of like $25 billion of inflow,” Thielen says. “And we calculated this might have an impact of every $1 billion dollars of 4% impact on the price , so we might actually see kind of a price towards $57,000.”
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