The interview delves into the recent developments in Spot Bitcoin ETFs, with Axelrod sharing insights and offering his projections for Bitcoin prices in 2024. Additionally, he provides commentary on the Federal Reserve’s latest statement and explores the potential impact of a central bank pivot on the world of Bitcoin.
For a brief overview of the video’s main insights read on, or watch the full interview here:
Michelle: Do you think that we will get the spot Bitcoin ETF approved on January 10th?
Andrew: Bloomberg’s business intelligence has been spot on. They have a track record of getting these things right going all the way back to the GBTC lawsuit when people were saying they wouldn’t have a chance of suing the SEC. They were spot on with that and they’ve been saying for the longest time that this thing is pretty much a shoo-in. Even after the Matrix report came out they were still putting it at a 90% probability. I’ll take their word over Matrixport.
Michelle: Halving events have been associated with significant upticks in Bitcoin’s price. If we have this reduction in supply coupled with the steady or dramatically increasing demand, what does that mean for your price forecast for Bitcoin?
Andrew: I’ve learned that especially during these these last 18 months nobody called the double top of Bitcoin when it went to 64k dropped down to 20, went back up to just under 70, went to 69 then on the way down people were calling for for 10K… there’s still some people out there waiting for 10K apparently. The thing is price predictions are super difficult, especially getting the timing right and so what I’m more comfortable with is a sort of a general trajectory, but I’m generally bullish.
Michelle: Is bringing Bitcoin back into the traditional financial system negative? It was supposed to be an alternative to big players, pension funds, ETFs and derivative products. Will it jeopardise Bitcoin’s decentralized ethos and be problematic for the broader mission?
Andrew: I do think about that a lot. The only thing here is I don’t know that there’s any way around it. Bitcoin is an open source protocol that is being market tested right now. It’s been market tested for 15 years and it’s going to continue to be tested in order to succeed as a money which is one of the you know tallest orders. It’s going to have to overcome every test that’s thrown at it and so if it can’t stay meaningfully decentralized during this next adoption wave, then it was never going to make it anyway.
Michelle: What is your outlook for 2024?
Andrew: To summarise, I’m super bullish. Let me go with those three events that we talked about: Bitcoin’s halving, the ETFs and a potential dovish pivot – those are going to be rocket fuel in my opinion and I’m going to go with Standard Chartered predictions. I’d be disappointed if we didn’t break above 100K.
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