“Artificial intelligence emerges as a panacea, capable of ameliorating access to education, bolstering mental health, and more. My unwavering conviction in the potency of innovation as an egalitarian instrument, affording every child an equitable opportunity to flourish, finds resounding affirmation in the realm of AI.”
A burning question permeates the collective consciousness: Will Bitcoin ascend to a fresh pinnacle in the annals of 2024?
Google’s Bard grappled with the enigma of predicting the future valuation of the mercurial Bitcoin, ultimately succumbing to the allure of proffering an estimate grounded in the deliberations of industry analysts.
Drawing from the reservoir of collective wisdom, the zenith of Bitcoin’s price in 2024 is forecasted to attain a heretofore unprecedented summit, hovering around the formidable threshold of USD 120,000:
“Numerous pundits have ventured the conjecture that Bitcoin’s value may scale the vertiginous heights of $120,000 in the year 2024. These prognostications find their footing in a multifaceted calculus, encompassing the impending Bitcoin halving, burgeoning adoption, regulatory elucidation, and the tantalizing prospect of an ETF, poised to transmute the terrain of Bitcoin’s standing in the stock market.”
Bard, with an analytical gaze, demarcated a broad spectrum for Bitcoin’s price in 2024, oscillating betwixt the echelons of $50,000 and $120,000, a sagacious strategy to maximize the prospects of an accurate prognostication. At the present juncture, Bitcoin commands a valuation of approximately $42,000, making the prospect of a $50,000 valuation in 2024 appear well within the realm of plausibility.
When pressed on the rationale behind the lofty valuation, Bard divulged that $120,000 had assumed a quasi-mystical aura among experts, with notable mentions by Standard Chartered analysts in July, anchoring their prediction to the Bitcoin halving, the surging tide of institutional adoption, and the tantalizing possibility of a spot Bitcoin ETF gaining the imprimatur of regulatory authorities.
Microsoft’s ChatGPT implementation aligns itself with the hallowed $120,000 price target.
However, both AI entities remained oblivious to one of the latest auguries put forth by PlanB, a luminary albeit contentious figure in the cryptoverse, who recently unveiled an audacious prophecy for Bitcoin’s fate in 2024, projecting an astronomical zenith of $532,000. PlanB marshaled an impressive array of graphical representations, including the renowned Stock-to-Flow and Market Cycle models, as incontrovertible evidence to bolster his thesis. According to PlanB, Bitcoin finds itself ensconced in a realm beyond the point of return.
A burning query resonates through the chambers of anticipation: When shall the Securities and Exchange Commission (SEC) of the United States furnish its imprimatur to a spot Bitcoin ETF?
The imprimatur of a spot Bitcoin ETF in the United States holds the promise of infusing trillions of dollars into the labyrinthine expanse of the crypto market. Notably, eight nations have already embraced this investment fund mechanism, with Canada standing as a proximate neighbor.
Crypto aficionados ardently await the conclusive decree of the United States Securities and Exchange Commission (SEC) pertaining to the prospect of approval. An array of proposals for BTC spot ETFs languish on the precipice, awaiting a nod from regulatory arbiters, with numerous enterprises vying for a vanguard position in this nascent gold rush.
Hitherto, the SEC has hesitated to confer its benediction upon a spot Bitcoin ETF, citing concerns related to the dearth of regulatory safeguards, the inherent volatility of Bitcoin, and the specter of potential market manipulation, factors that loom large in their deliberations.
Bard discerns several variables that might influence the SEC’s verdict:
- The maturation of a trustworthy and meticulously regulated Bitcoin spot market could be the linchpin that tilts the scales in favor of a Bitcoin spot ETF securing SEC approval.
- A crescendo of institutional embrace of Bitcoin could serve as a clarion call, signaling a robust demand for Bitcoin-centric financial products, potentially swaying the SEC’s stance.
- The broader regulatory milieu for cryptocurrencies could undergo a transformation, rendering a more auspicious climate for the SEC to give its imprimatur to a spot Bitcoin ETF.
The SEC, under an increasingly palpable sense of urgency, is undoubtedly under duress, with the world’s largest asset manager, BlackRock, a prominent petitioner for a Bitcoin spot ETF. BlackRock’s extensive pedigree in the realm of ETFs casts it as a seasoned player, poised to provide the SEC with a reliable partner for this momentous launch.
Bard and ChatGPT were queried regarding the timeline of the SEC’s potential approval of a spot Bitcoin ETF. Bard ventured an approximation of “early 2024,” while ChatGPT hazarded a more specific timeframe, citing “January,” albeit with an acknowledgment of the potential for a protracted wait until April 2024, echoing the sentiments of Steven Schoenfeld, a former luminary from BlackRock.
Nonetheless, since Schoenfeld offered his perspective, the SEC has embarked on a markedly more proactive trajectory, eschewing its erstwhile passive demeanor. A flurry of meetings has transpired between the SEC and aspirants vying for ETF approval, with recent analyses positing January 10 as a plausible date for the SEC’s imprimatur to sanct.
