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Top market personality Anthony Scaramucci has shared insights into the growing optimism surrounding Bitcoin (BTC) in recent times. Taking to the X platform, Scaramucci names five distinct factors behind this rally, calling them “catalysts” for the steep projection for the coin from analysts.
According to the billionaire investor, the optimism driving Bitcoin is based on the prospects of the spot Exchange Traded Fund (ETF) products. The likes of BlackRock are currently queuing up to list the first Bitcoin which, at the time of writing, is under review by the United States Securities and Exchange Commission (SEC).
Many have predicted a steep rise in #Bitcoin Here are some catalysts as to why:
ETF, halving, fed easing, increasing appetite for hard assets as US deficit takes center stage w investors, inclusion in model portfolios. The ETF is huge because it essentially eliminates…
Other top investment management firms are also on track to get this approval in the coming weeks and months. This product has been tagged as the gateway for institutional investors to make their way into crypto and has the potential to drive prices higher.
Besides this, Scaramucci highlighted the forthcoming halving event as a potential trigger for BTC’s price to chart a new growth course. Overall, halving will help reduce the rewards paid out to miners and, by default, deflate the supply over time. This in turn will place upward pressure on the price of the asset.
The easing of monetary policies by the United States Federal Reserve and other central banks is also a major trigger, in Scaramucci’s opinion. Besides this, the growing craving to invest in a hard asset and the inclusion of Bitcoin in model portfolios have all combined to make Bitcoin attractive to investors across the board.
As it stands, Bitcoin has been getting a number of highly bullish predictions from top market analysts in recent times. From the $750,000 prediction from BitMEX cofounder Arthur Hayes to the more than $1.5 million call by Cathie Wood of Ark Invest, the coin remains a favorite among mainstream analysts overall.
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.
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Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.
