2023-9-6 23:13 |
Bernstein analyst says Grayscale ruling was a game changer. Gautam Chhugani expects Bitcoin to materially benefit from it. The world’s largest cryptocurrency is still lingering around $26,000.
The recent ruling in favour of Grayscale and against the Securities & Exchange Commission was a “game changer”, says Gautam Chhugani – a Bernstein analyst.
Chhugani expects Bitcoin to gain momentumLast week, a U.S. Court said the regulator lacked adequate reasoning to block Grayscale from converting its bitcoin trust to an exchange-traded fund.
The verdict is a big step towards the first U.S. Bitcoin ETF and paves way for a significant institutions-driven rally in the world’s largest cryptocurrency, as per Chhugani.
Strong showing in courts improved ETF chances and the progressive institutional interest are positioning crypto for an unprecedented institution capital led cycle.
Earlier this year, Ripple secured a huge win in its long-running lawsuit against the Securities & Exchange Commission as well (find out more).
How soon could a Bitcoin ETF be approved?Despite positive catalysts in recent months, Bitcoin is still lingering around the $26,000 level – well below its year-to-date high of over $31,000. Still, Bernstein’s Chhugani said in his research note today:
This is a cycle slower to take off, but is being laid on much strong fundamental grounds of regulatory clarity and more strategic long-term players entering the space.
He expects the first U.S. Bitcoin ETF to become a reality by March of 2024 at the very most. But the analyst does not expect that exchange-traded fund to be the end of it.
Chhugani is convinced that asset managers will push for a Spot Ethereum ETF afterwards and may even venture eventually into Solana and Polygon.
The post Bitcoin may soon rally based on ‘fundamental grounds’: Bernstein appeared first on CoinJournal.
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