Earlier this week, exchange-traded funds (ETFs) experienced their highest buying activity since early June, signaling a renewed interest in the original cryptocurrency. In an exclusive interview with Investing.com, Bit Digital Inc (NASDAQ:) CEO Sam Tabar shared his insights on the positive reception of the 10 recently approved spot Bitcoin ETFs, along with discussions on the upcoming U.S. election, Bitcoin price forecast, and more.
ETFs Progress and Inflows
Tabar, the chief of sustainability-focused bitcoin mining firm (BTBT), expressed his satisfaction with the increased accessibility to digital assets through the recently approved ETFs. These launches have been among the most successful in history, attracting significant inflows totaling $15.3 billion. Notable contributions include BlackRock (NYSE:) IBIT with $121 million, Fidelity FBTC with $91 million, and ARK's ARKB with $43.3 million. However, Grayscale GBTC and Bitwise experienced outflows.
Biden vs. Trump and Cryptocurrency Regulations
Tabar highlighted the differing stances of presidential candidates Biden and Trump on cryptocurrency regulations. While Trump is perceived as the pro-crypto candidate, Biden has proposed potential taxes on bitcoin mining. Trump's promise to relax regulations and support innovation has garnered him favor among crypto advocates, despite neither candidate addressing the topic in the recent debate.
Bitcoin Price Forecast and Long-Term Prospects
Experts are divided on Bitcoin's long-term outlook, with Tabar emphasizing its potential as a store of value and a currency. He believes in the long-term uptrend of Bitcoin, predicting it could surpass the gold market in value. While a $1 million price target is not out of the question, the timeline for this growth remains uncertain. To mitigate volatility risks, Bit Digital has diversified its business to be uncorrelated to Bitcoin prices.
Analysis:
The surge in Bitcoin ETF buying activity indicates growing mainstream acceptance of cryptocurrency as an investment option. The positive reception of these ETFs, coupled with the contrasting views of presidential candidates on crypto regulations, highlights the evolving landscape of digital assets in the financial market. Investors should monitor these developments closely to make informed decisions and potentially capitalize on the long-term growth prospects of Bitcoin.