Today I am going to tell you about an announcement that has come out just like the last year which is completely ignored by the market. But it is an announcement that can take bitcoin up to 10x or even more from where we are right now. At present Bitcoin is being traded at around $6400 to $6500. But Teeka Tiwari is predicting the price to be $65000 by the end of this year. Yes, it is possible. So let me tell you what is going on.
By the end of this year, Bitcoin price may shoot to $65000 if bitcoin is ETF approved. First, let me tell you what is ETF. ETF stands for exchange-traded fund of which approval is given by SEC(Securities and Exchange Commission) . There are so many indexes like NIFTY and Sensex. If a company or something else is to be listed in there, then it must be ETF approved, then only people will be able to buy it from the stock market.
So, how ETF approval of bitcoin is going to affect the bitcoin market. As all of you know, there are lareg number of companies listed in indexs like the NIFTY and SENSEX as I have mentioned earlier. And huge amount of trades are done on those companies. And if BTC - ETF is approved, then bitcoin will listed in there as well. And once ETF is approved, then the big traders who manage funds of large comapanies and the whale traders who trade for themselves will be able to buy bitcoin in one click from their brokerage accounts. After that there will be flood of funds in the bitcoin market and it will directly affect the price of the bitcoin. At present the bitcoin market cap is nearly around 240 to 245 Billion Dollars. So, if ETF is approved for bitcoin then the market cap can easily get to 10x because after approval there will trilllions of dollars in the bitcoin market.
So, traders don't miss this chance and Happy trading.