- Fake reports claimed the SEC approved BlackRock’s spot BTC ETF application in the US; however, approval hinges on the regulatory environment, market maturity, and custody solutions.
- ChatGPT suggests that a Bitcoin bull run in 2024 could be influenced by factors like supply and demand, institutional interest, and regulatory developments.
- Bitcoin might approach its all-time high of $70,000 in 2024, especially due to the anticipated halving event, which has historically boosted BTC’s value.
What Could Influence the SEC’s Decision?
The crypto community cheered yesterday’s reports indicating that the US Securities and Exchange Commission (SEC) finally approved BlackRock’s application to introduce a spot BTC ETF in America. However, this turned out to be fake news, and the price gains registered by most digital assets and the overall enthusiasm quickly evaporated.
Still, the question of whether the first spot BTC ETF would go live in the US anytime soon remains a top trending topic in the space. We asked ChatGPT if this development could see the light of day before the end of 2023.
The AI-powered language model suggested this could become a reality, assuming several crucial factors are in place. The regulatory environment was labeled as the most important element:
“The SEC, for example, has expressed concerns about market manipulation, custody, and investor protection in the context of Bitcoin ETFs. Changes in the regulatory landscape can impact the likelihood of approval.”
Market maturity and custody solutions were also outlined as key factors for the regulator to say “yes” eventually. Proposals that address market manipulation concerns, enhanced investor protection, and favorable public opinion might influence the decision, too.
What About a BTC Bull Run in 2024?
We previously asked ChatGPT whether next year could witness a price rally for the primary cryptocurrency. According to the result, such a surge could be propelled by ten vital factors, including increased supply and demand, institutional interest, regulatory developments, massive purchases from giant institutions, and others.
The language model further estimated that BTC could jump to its ATH of almost $70,000 in 2024 due to a potential overall bullish year, positive momentum, and a successful halving event.
The Bitcoin halving is scheduled for the following spring and will reduce the reward miners receive for adding new blocks on the blockchain. The event has historically resulted in a bull run for the leading digital asset.
Meanwhile, on a rather unrelated note, we recently released a video on how many Bitcoin billionaires there are in the world, and the answer might shock you. Check it out here: