On-chain analyst Ki-Young Ju claims that the approval of a Bitcoin ETF in the US will drive BTC prices up.
“NYSE listed the first gold ETF in Nov 2004, and the price never came back,” he noted in a tweet.
He added that if Bitcoin mimics the pattern, its price may never sink below $50,000 again.
On this, he explained that the approval would make the US a trailblazer, and other countries will seek to emulate the developments.
Despite not getting any positive response from the SEC, several firms have continued submitting their Bitcoin ETF applications.
The investment firm Galaxy Digital was the latest applicant, having filed its submission in the middle of last month.
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