Coinbase‘s Singapore country director, Hassan Ahmed, has suggested that two catalysts are approaching that indicate a bullish outlook for Bitcoin (BTC) in 2024.
Bitcoin ETF Scenarios
In a CNBC interview, Hassan Ahmed mentioned that Bitcoin could see a potential increase in demand along with a decrease in supply. The expert analyst stated:
“So this spot Bitcoin ETF for the US markets is really as fundamental and big a deal as people think. It represents a structural market change for this asset class. The noise around this approval is definitely intensifying, and we will see how things turn out. But we see a continuous demand and flow of funds coming to this asset class, and especially to this token. When you combine this with the upcoming halving that will cut the block subsidy in half, I think these two factors together will be quite explosive.”
Implications of ETF Approval
The expert speaks about the excitement surrounding the potential approval of a Bitcoin ETF in the US and the impact it would have if it gets the green light:
“Although regulatory discussions in the US are still evolving, the emergence of this ETF and the SEC paving the way for it signals an increase in the demand and weight behind this asset class. It’s now too loud to ignore. And what it does is provide a familiar and compliant channel for these asset managers and allocators to access this token, further removing any stigma and legitimizing this asset class.”
In conclusion, Coinbase’s Singapore country director Hassan Ahmed links his forecasted rise for Bitcoin in 2024 to the potential approval of a spot Bitcoin ETF for the US markets and its entry into the market. Ahmed suggests that this development, combined with the upcoming halving, could lead to a significant price increase due to the increased demand and weight on the asset class.
