Digital currency fund Altana chief investment officer Alistair Milne believes Bitcoin (BTC) does not need US spot exchange-traded fund (ETF) approval for its value to reach $100,000.
In his opinion, a spot Bitcoin ETF in the United States only distracts the attention of market participants who could be engaged not in speculation, but in the adoption of the main cryptocurrency.
The Bitcoin ETF is nice, but we don't need it to get us to $69,000, and we don't need it to get us to $100,000.
The price of Bitcoin has undergone significant fluctuations recently, emerging from a period of reduced volatility that lasted several weeks. Price fluctuations are largely explained by the situation surrounding spot applications for Bitcoin ETFs being considered by the US Securities and Exchange Commission (SEC).
In June, when BlackRock and several traditional financial institutions filed for an ETF, the flagship cryptocurrency posted its biggest price increase in more than a year, surpassing the $30,000 mark. This rally was primarily due to increased prospects for the approval of a spot Bitcoin ETF, with In this regard, some experts were confident that all applications would be approved.
After falling 11% following rumors that Tesla was selling its Bitcoin assets, the digital asset rebounded when the US Court of Appeals sided with Grayscale in a lawsuit against the SEC.
However, this upward momentum was short-lived as BTC soon returned to the $25,000 range due to the SEC's decision to delay a decision on multiple pending Bitcoin ETF applications.
Despite this, Alistair Milne is confident that problems in the US banking sector, stabilization of risky assets after the completion of interest rate hikes by the US Federal Reserve and increased profitability in the crypto mining sector will send the price of Bitcoin higher.
