Alistair Milne, the chief investment officer of Altana digital currency fund, said Bitcoin (BTC) does not need the U.S. to approve a spot exchange-traded fund (ETF) for its value to reach $100,000.
In an Aug. 31 post on X, Milne stated that a U.S. spot Bitcoin ETF was a distraction. According to him, while an ETF approval would be nice for the industry, the flagship digital asset would still perform great without it.
Milne said:
“[A BTC ETF is] nice to have, but we didn’t need one to get us to $69,000 and we don’t need one to get to $100,000.”
Spot BTC ETF influencing price action
Bitcoin’s price has recently experienced significant fluctuations, breaking away from a period of contained movement that spanned several weeks. These price swings can largely be attributed to developments surrounding spot Bitcoin ETF applications before the U.S. Securities and Exchange Commission (SEC).
In June, when BlackRock and several traditional financial institutions submitted an ETF application, the flagship digital asset experienced its most significant price surge in over a year, breaching the $30,000 mark. This rally was primarily attributed to the heightened prospects of a spot Bitcoin ETF approval, with several market observers urging the regulator to approve all the applications.
Subsequently, BTC’s price movements have closely mirrored developments related to spot ETFs. Following an 11% dip fueled by rumors of Tesla divesting its Bitcoin holdings, the digital asset rebounded when the U.S. Appeal Court sided with Grayscale in its legal battle against the SEC.
However, this upward momentum proved short-lived as it soon retraced to the $25,000 range due to the SEC’s decision to delay its verdict on a litany of pending BTC ETF applications, citing the need to assess the proposed rule changes thoroughly.
The Commission has yet to approve a spot BTC ETF in the U.S. because of concerns over market manipulation, among other factors.
Can BTC price reach $100k without the ETF decision?
Earlier in the year, leading financial institution Standard Chartered predicted that the top cryptocurrency would reach $100,000 by the end of next year.
The bank suggests that several factors could drive the asset’s upward trajectory, including challenges within the U.S. banking sector, stabilizing risk assets following the conclusion of the U.S. Federal Reserve’s interest rate hikes, and enhanced profitability within the crypto mining sector.
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