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Bitcoin To Reach ₦171M by 2024 According to Fundstrat’s Latest Investor Note

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Bitcoin To Reach ₦171M by 2024 According to Fundstrat's Latest Investor Note

In a recent investor note, renowned financial services company Fundstrat has set the stage for an exciting forecast in the world of cryptocurrency. With the potential approval of a Bitcoin exchange-traded fund (ETF), Fundstrat predicts a staggering surge in Bitcoin’s price to ₦171 million before its next block reward halving event in April 2024. This projected 521% price hike from current levels is largely attributed to rising demand, driven by the anticipation of the ETF’s approval.

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The Power of an ETF

Fundstrat’s digital asset strategy leader, Sean Farrell, delved into the projections, explaining how the current balance of daily Bitcoin mining rewards and demand could undergo a substantial transformation once a Bitcoin ETF is given the green light. At present, daily Bitcoin mining rewards and daily demand are at approximately $25 million each. However, with the potential approval of a Bitcoin ETF, an additional $100 million in daily demand could flood into the market, significantly altering the supply-demand dynamics.

Equilibrium Analysis and Price Potential

Farrell’s analysis takes into account the equilibrium that would be created in the Bitcoin market with the launch of a spot Bitcoin ETF. He noted that with daily demand reaching $125 million and daily supply remaining at $25 million, an equilibrium price adjustment would be necessary. Based on this analysis, the projected clearing price could range from ₦140 million to ₦171 million before the impending halving in April 2024.

The Conversion Factor

To put this astronomical price projection into perspective, it’s important to consider the currency conversion from USD to Nigerian Naira (NGN). As of now, the forecasted ₦171 million Bitcoin price aligns with Fundstrat’s prediction of $180,000 in USD terms. This conversion highlights the global impact of such a surge in Bitcoin’s value and its potential implications for the cryptocurrency market as a whole.

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READ ALSO: Bitcoin (BTC) Price Bounces Back After Recent Decline

ETF’s Monumental Impact

Fundstrat’s foresight extends beyond just the price projection. The company envisions the Bitcoin ETF, particularly a Blackrock Bitcoin ETF, as a potential game-changer in the ETF landscape. Comparisons are drawn to well-established ETFs like QQQ, with Fundstrat speculating that Bitcoin ETF assets could outshine even precious metals ETFs. This suggests that Bitcoin’s mainstream recognition might extend further, possibly resulting in a category worth more than $300 billion.

Challenges and Caution

While the approval of a spot Bitcoin ETF promises increased adoption and price surges, there are also concerns. Precious metals ETFs like GLD and SLV have faced allegations of manipulation, and similar challenges could arise in the realm of cryptocurrency. A physically-backed Bitcoin ETF could inadvertently allow for leveraging fictional BTC supplies to manage futures positions. This dynamic, if unchecked, could potentially lead to artificial price manipulation to stabilize surging prices.

Looking Ahead

Fundstrat’s bold projections and insights have captured the attention of the crypto community. While previous predictions of Bitcoin reaching six-digit figures have yet to materialize, the company’s confidence remains strong. With the potential approval of a Bitcoin ETF on the horizon and the growing interest in cryptocurrency as a whole, the crypto economy appears to be hurtling towards new milestones. As the countdown to April 2024 continues, all eyes will be on whether Fundstrat’s projections align with the unfolding reality of the cryptocurrency market.

Source: Bitcoin Price Could Rise to $180,000 by 2024 Halving, Says Fundstrat

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