Will BITCOIN have its Gold moment after the ETF gets approved?

30 thg 6, 2023

Bitcoin has been on center stage with last week's rise after BlackRock, the world's largest money manager filed an application to run the first publicly traded spot bitcoin ETF in the US. The Securities and Exchange Commission has been on a repeated decade long rejection of an ETF based on trading in the underlying bitcoin asset. If however this time the industry efforts succeed, Bitcoin can see an unprecedented rally, the likes of which we haven't seen, as large institutional capital should theoretically have no hesitation and less uncertainty to enter the market.

But wait? Haven't we seen that before? Yes, for those old enough to ring a bell, it was back on March 28th 2003 when Gold Bullion Securities was launched, the first Gold EFT listed on the Australian Securities Exchange. As you can see on Gold's chart on the right, the market was at a bottom on the 1W MA50 and after the ETF was launched, it started an astonishing rally that didn't look back before completing a +500% rise.

With Bitcoin being a much smaller market and with its digital nature giving it enormous rise since its inception in 2009, if its ETF gets approved, it won't be impossible to see 10 times Gold's rise i.e. +5000% within the same 8 year period.

We have embodied the Halvings just to provide some cyclical perspective, but a +5000% rise from the current levels can send Bitcoin in 8 years to the 'unimaginable' 1 million USD mark. Unrealistic or not, it is up to each person to decide and invest for themselves.

Will Bitcoin get its Gold moment?

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