Tom Lee, co-founder of research firm Fundstrat, has stated that if the US Securities and Exchange Commission (SEC) approves a Bitcoin ETF, the crypto could surpass the $150,000 mark and approach $180,000.
It is worth noting that Bitcoin-based ETFs have proven themselves internationally, but US support will be the cornerstone for the local cryptocurrency sector, he has added.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
Lee has explained:
"When a spot Bitcoin ETF is approved, I believe demand will outstrip the daily supply of the asset itself."
If the regulator does not approve the applications, the asset still has growth potential due to the upcoming halving in April 2024, he has noted.
Last June 15, BlackRock filed an application for a spot Bitcoin ETF with the SEC. Other firms followed suit, with Valkyrie, Fidelity Investments, WisdomTree and Invesco filing their own applications.