- False Reports Claim SEC Approved BlackRock’s Spot BTC ETF Application in US; however, approval depends on the regulatory environment, market maturity and conservation solutions.
- ChatGPT suggests that a Bitcoin rally in 2024 could be influenced by factors such as supply and demand, institutional interest, and regulatory developments.
- Bitcoin could approach its all-time high of $70,000 in 2024, especially due to the planned halving event, which has historically increased the value of BTC.
What could influence the SEC’s decision?
The crypto community applauded yesterday’s reports indicating that the United States Securities and Exchange Commission (SEC) has finally approved BlackRock’s application to introduce a spot BTC ETF in America. However, this turned out to be fake news, and the price increases experienced by most digital assets as well as the general enthusiasm quickly evaporated.
Nonetheless, whether the first BTC ETF will soon go live in the United States remains a hot topic in the space. We asked ChatGPT if this development could see the light of day before the end of 2023.
The AI-based language model suggests this could become a reality, provided several crucial factors are in place. The regulatory environment was considered 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 may impact the likelihood of approval.
Market maturity and conservation solutions were also presented as key factors for the regulator to ultimately say “yes”. Proposals that address concerns about market manipulation, strengthen investor protections and generate favorable public opinion could also influence the decision.
What about a BTC Bull Run in 2024?
We previously asked ChatGPT if next year could see a price rise for the leading cryptocurrency. Depending on the results, such a surge could be propelled by ten essential factors, including increasing supply and demand, institutional interest, changing regulations, massive purchases from giant institutions, etc.
The language model further estimates that BTC could leap to its ATH of nearly $70,000 in 2024 due to a potential overall bullish year, positive momentum, and a successful halving event.
The Bitcoin halving is planned for next spring and will reduce the reward miners receive for adding new blocks to 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 about how many Bitcoin billionaires there are in the world, and the answer might shock you. Check it out here: