In the latest episode of Cointelegraph market reportAnalyst Marcel Pechman discusses the EU-approved first spot bitcoin exchange-traded fund (ETF), which listed on Euronext Amsterdam on Aug. 15. Despite the seemingly unconventional choice of its constitution by the Guernsey regulator, the listing of the fund on Euronext suggests a strategic approach, despite its start-up capital of €1 million and unfamiliar management, giving it Attraction casts a shadow.

Next, Pechman turned his attention to the U.S. bitcoin ETF landscape, with the U.S. Securities and Exchange Commission (SEC) once again delaying its decision to approve a spot bitcoin (BTC) ETF, setting a possible deadline for early 2024. The delay echoes the challenges faced over the past decade.

The lack of clear regulation in the U.S. cryptocurrency market highlights the SEC’s reluctance to recognize spot crypto ETFs.

Pechman also discussed Bitcoin’s price trajectory. Bitcoin investor Jesse Myers said breaking the $100,000 mark is closely tied to the mid-2024 block subsidy halving. Myers challenged the efficient market hypothesis, arguing that the market will take 12 to 18 months after the halving to fully absorb its impact.

Pechman expressed skepticism about predicting market outcomes, acknowledging that many factors could affect bitcoin’s movements, including Fed decisions, bank liquidity, economic conditions and unforeseen events.

Pechman concluded by returning to the main drivers of bitcoin’s value: an abundance of fiat money and government debt. He expects Bitcoin to exceed $100,000, but the real purchasing power of that figure may be diminished by inflation.

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