Coinbase‘s Singapore Country Director, Hassan Ahmed, has indicated a bullish outlook for Bitcoin (BTC) in 2024, highlighting two imminent catalysts that could drive the market. In a CNBC interview, Ahmed suggested that Bitcoin could experience a surge in demand coupled with a decrease in supply, pointing towards the potential launch of a spot Bitcoin Exchange Traded Fund (ETF) in the US markets as a significant structural market change for the asset class.
The anticipation surrounding the approval of a Bitcoin ETF in the US is intensifying, with Ahmed emphasizing the importance of continuous demand and funding flows to this asset class. He believes that the combination of the upcoming halving event, which will cut block subsidies in half, and the potential ETF approval could result in an explosive impact on Bitcoin’s price.
Despite ongoing regulatory discussions in the US, the emergence of a Bitcoin ETF and the Securities and Exchange Commission’s (SEC) potential pathway for it signals increasing support and weight behind this asset class. The ETF would provide a familiar and compliant channel for asset managers and allocators to access Bitcoin, further legitimizing and solidifying the asset class.
Ahmed links the projected rise of Bitcoin in 2024 to the potential approval and market entry of a spot Bitcoin ETF in the US markets. He notes that the increased demand and weight behind the asset class, combined with the forthcoming halving, could lead to a significant price increase.
The expert’s excitement about the symbolic nature of a US Bitcoin ETF’s potential approval and the impact of its greenlighting reflects the growing noise that can no longer be ignored. This development would remove barriers for asset managers and allocators, further legitimizing the asset class.
In conclusion, Coinbase’s Singapore Country Director sees the confluence of a potential spot Bitcoin ETF approval and the halving as pivotal factors that could catalyze a major price rally for Bitcoin in 2024, marking a structural market shift for cryptocurrencies.