A prominent fund manager says that approval of %Bitcoin ($BTC) exchange-traded funds (ETFs) could push the price of the biggest cryptocurrency to $150,000 U.S. or higher.
Mark Yusko, managing director of hedge fund Morgan Creek Capital, made the bullish call as the U.S. Securities and Exchange Commission (SEC) considers approving several Bitcoin ETF applications made by investment firms such as %BlackRock ($BLK), %Fidelity, and %ARKInvest.
Yusko says that it is only a matter of time before at least one Bitcoin ETF is approved in the U.S., and that such an approval could lead to a dramatic surge in the cryptocurrency’s price.
The SEC is expected to issue a decision on the Bitcoin ETF applications by mid-October of this year. Yusko expects that BlackRock will have its ETF approved first, followed by others.
Yusko predicts that as much as $30 billion U.S. could flow into spot Bitcoin ETFs once they receive regulatory approval, and that should push the price of the digital asset sharply higher.
Bitcoin’s price could get a further boost in coming weeks following the reward halving event, which is when the Bitcoin rewards that crypto miners receive is programmed to be cut in half.
Year-to-date, Bitcoin’s price has risen 60%, though it has been range bound at $26,000 U.S. for the past few months.