What awaits Bitcoin after the approval of ETFs and what will be its possible price for 2024?

The year 2024 is emerging as a key year for the future of Bitcoin, the most popular and valuable cryptocurrency in the world. One of the factors that could drive its growth and adoption is the approval of spot Bitcoin ETFs, which would allow investors to access the digital asset without having to directly purchase or store it.

Bitcoin spot ETFs are financial instruments that track the price of Bitcoin and trade on traditional stock exchanges, like any other fund or stock. Unlike Bitcoin futures ETFs, which already exist and are based on contracts that speculate on the future price of the cryptocurrency, Bitcoin spot ETFs require the issuer to hold an equivalent amount of Bitcoin to back the fund.

The advantage of Bitcoin spot ETFs is that they make it easier for institutional and retail investors to enter the cryptocurrency market by offering a regulated, secure and simple way to invest in Bitcoin. Additionally, spot Bitcoin ETFs could increase demand and liquidity for the cryptocurrency, which in turn could raise its price and reduce its volatility.

However, the approval of Bitcoin spot ETFs is not a certainty as it depends on the decision of the United States Securities and Exchange Commission (SEC), the regulatory body that oversees the stock market. The SEC has so far rejected or deferred several Bitcoin spot ETF applications, citing concerns about market manipulation, asset custody, and investor protection.

However, there are signs that the SEC could be more open to approving spot Bitcoin ETFs in the near future, due to several factors, such as the change in leadership at the commission, pressure from the industry and the public, and the success of spot Bitcoin ETFs in other countries full article in the link