December 5, 2022

Could Bitcoin get a boost with the upcoming ETF Approval?

1 min read

The U.S. Securities and Exchange Commission (SEC) is currently weighting whether to approve a bitcoin exchange-traded fund (ETF), a request filed through the Chicago Board of Exchange (CBOE) by New York-based VanEck and blockchain platform SolidX.

If approved a bitcoin ETF would mean people are be able to buy into bitcoin without having to deal with any shady exchanges.

Comparing to the Gold boom both have similarities between them however not the same type of asset one is digital where the other is a precious metal. We do see how bitcoin is displaying the same type of behavior pattern as gold before it burst up in percentages.

If Bitcoin does increase to $60,000, this would give us a market cap of $1.26 trillion. We could be looking at a 940% return on the current price of $7000. The market cap for gold is estimated at $8.7 trillion with all the gold that’s been mined.

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