Attorney John Deaton, who represents the XRP token holders in the Ripple lawsuit against the Securities and Exchange Commission (SEC), predicted the ideal scenario in which Bitcoin BTC price would join the major asset class club. In the context of potential rise in liquidity in the coming months along with the Bitcoin Halving, the cryptocurrency is well placed, in theory, for a bull run around the second quarter of 2023.
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Attorney Deaton said the narrative that Bitcoin provides store of value and acts as digital gold gives it longevity. He asked whether Ethereum was the best when it comes to crypto infrastructure. In what could extend a mainstream status to the crypto world, Deaton predicted that the use of BTC as a collaterized asset will rise with time. Deaton joined the likes of Cathie Wood and Michael Saylor who have a long term projection of around $1 million for BTC price.
“I believe the digital gold, digital property, store of value narrative has won, and Bitcoin is here to stay. I believe using BTC as a collateralized asset will increase over time. I believe Bitcoin eventually exceeds the market cap of gold, placing it over $500K.”
While the total market capitalization of Gold is currently at around $13 trillion, the BTC price needs a 20 times jump from the current range to overtake Gold market size.
While the market becomes increasingly optimistic about the US SEC’s potential approval of the spot Bitcoin ETF filings, the agency has a scattered timeline of open window for decision making until January 10, 2024. Earlier, CoinGape reported that there is a 90% chance of the agency approving the spot Bitcoin ETF applications by January 10.
On the other hand, the US SEC has a legal obligation in terms of Bitcoin ETF approval in the Grayscale lawsuit. On October 24, 2023, the U.S. Court of Appeals for the D.C. Circuit issued a mandate ordering the agency to revisit the company’s application for a spot Bitcoin ETF approval.
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