BTC Will Reach $80,000 Following BTC ETF Approval, Analysts Say

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Industry experts are predicting that the introduction of spot crypto ETFs in the American market will cause Bitcoin’s price to soar to $80,000.

According to Grayscale Investments CEO Michael Sonnenshein, the appearance of this new product on the stock market could potentially attract a whopping $30 trillion into the digital currency market.

Sonnenshein revealed in an interview with CNBC that his company is currently in talks with the Securities and Exchange Commission (SEC) to convert its Bitcoin trust into a crypto spot fund.

The CEO’s sentiments are echoed by other experts who are confident that the launch of the spot fund will make cryptocurrencies even more appealing.

It is expected that institutional investors will make up the largest portion of capital allocated towards digital currency investments.

Aside from Grayscale, a number of companies such as BlackRock, Ark Invest, Fidelity, Galaxy Digital, Franklin Templeton, and VanEck have also applied for permission from the SEC to launch exchange-traded crypto ETFs that will primarily invest in BTC.