If Spot BTC ETF Is Approved, This Is Predictably To Happen At BTC Price!

<p>&nbsp;"Hmm investor's head is dizzy, remind BTC to go up, it looks like a trap."</p><p><br /></p><p>Some cryptocurrency experts argue that the landmark decision in the Grayscale lawsuit could act as a trigger for laws and regulations for the approval of spot ETFs in the United States (US).</p><p><br /></p><p>Earlier, JP Morgan analysts strongly believed the Securities and Exchange Commission (SEC) would be forced to approve a motion to allow Grayscale's BTC ETF to become a spot ETF.</p><p><br /></p><p>However, crypto investors have so far not been able to see which companies will grab the filing for the ETF, among which are BlackRock, ARK Invest, Fidelity and Bitwise.</p><p><br /></p><p><br /></p><p>However, the community believes the approval of the ETF could bring a large amount of new funds into the crypto market as one Bitcoin (BTC) investor named Lark Davis expects $20 to $30 billion to be invested in the digital asset.</p><p><br /></p><p>This is because the concept of ETFs backed by non-government assets has been successfully implemented in the US, where the SPDR Gold Trust ETF (GLD), a gold-backed ETF, was launched in November 2004 without any obstacles.</p><p><br /></p><p>Immediately after the launch, the value of gold rose steadily for years, so the price of BTC is likely to make a similar move once the BTC ETF is approved.</p><p><br /></p><p>Michael Saylor, the founder of MicroStrategy who continues to buy the digital asset to strengthen his position as the largest institutional BTC holder predicts that BTC could rise 50% from its current price if the aforementioned comes true.</p><p><br /></p><p>After breaking through $28,130 on August 29, 2023, BTC price appears to have plunged again by 0.58% to $25,803 in the past 24 hours and lost 1.24% over the past week as the SEC suspended spot BTC ETF applications for seven firms.</p>