Exchange Traded Fund approval could push Bitcoin's value to $60,000 in the short term - deVere Group CEO Green

Nigel Green, a staunch supporter of cryptocurrencies and chief executive officer of deVere Group, predicts that the Securities and Exchange Commission's approval of 11 spot Bitcoin Exchange Traded Funds on Wednesday will result in an increase in Bitcoin's value, potentially reaching $60,000 by the end of March 2024.

"The approval by the financial supervisory authority of the world's largest economy marks an important milestone for Bitcoin and the broader digital currency market, which is likely to increase in value over time despite the possibility of a short-term decline in prices," Green said.

Green identified five factors for an optimistic short-term outlook:

First, he talked about the approval of financial institutions. "The endorsement of Bitcoin Exchange Traded Funds means a strong endorsement of the digital currency by financial institutions, demonstrating a move away from its perception as a high-risk and unstable investment," he said.

Secondly, he addressed the expected increase in investments. "One of the key drivers of the projected increase in the value of Bitcoin is the significant investments that are expected to enter the market following the approval of Exchange Traded Funds," Green said.

Thirdly, he talked about ease of investment and market fluidity. "Bitcoin Exchange Traded Funds make it easier for a wider range of investors to enter the digital currency market," he said.

Fourth, he referred to market assimilation and regulatory transparency. "As regulatory uncertainties subside, an increasing number of institutional and retail investors will likely confidently invest in the digital currency market, further establishing Bitcoin's legitimacy," Green said.

Fifth, Green discussed growing international acceptance. Green continued: "As other countries recognize regulated Bitcoin Exchange Traded Funds, the digital currency is expected to gain wider international acceptance, attract more investors, and potentially push its value to new heights."

"With a wave of excitement from investors, it wouldn't be surprising if Bitcoin reached $60,000 this quarter and continued to rise throughout the year."

ETH ,BTC, SOL, ADA