Spot Bitcoin ETF Approval ‘Inevitable’
Veteran trader Peter Brandt believes the approval of a Bitcoin ETF in the US will be a non-event. He argues that markets discount in advance and that the correlation between BTC and other markets is insignificant. Brandt’s comments contradict the forecasts of some who believe that the approval of Bitcoin ETFs and the upcoming halving event will drive up the price of BTC. However, Brandt emphasizes that the only thing that matters is Bitcoin’s position as the top cryptocurrency. He also warns that the US government will continue to fight against the freedom to own or use Bitcoin, as it goes against their desire for a neo-Marxist country.
Key Points:
- Brandt believes the approval of a Bitcoin ETF in the US will not affect the cryptocurrency’s price.
- He argues that markets discount in advance and that BTC’s correlation to other markets is insignificant.
- Contrary to some predictions, Brandt believes Bitcoin’s position as the top cryptocurrency is the only thing that matters.
- He warns that the US government will continue to oppose Bitcoin as it seeks its own sovereignty.
- Brandt acknowledges that the fate of spot Bitcoin ETF applications and the overall fate of Bitcoin is still uncertain.
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Hot Take:
While some believe that the approval of a Bitcoin ETF and the upcoming halving event will have a significant impact on BTC’s price, veteran trader Peter Brandt disagrees. He argues that the market is already factoring in these events and that Bitcoin’s position as the leading cryptocurrency is the most important factor. Brandt also warns of the US government’s opposition to Bitcoin, citing their desire for a neo-Marxist country. Overall, the fate of Bitcoin and the approval of spot Bitcoin ETFs remains uncertain.
