Bitcoin has the potential to reach $1 million in just a few days to weeks after the approval of a spot Bitcoin exchange-traded fund (ETF), according to a crypto analyst. The combination of limited Bitcoin supply on exchanges and increased institutional investment is expected to drive the price to unprecedented levels in a short period of time. The influx of institutional capital seeking to purchase Bitcoin, coupled with its scarcity, could result in a rapid and substantial price increase. This rally is predicted to occur much faster than the effects of central bank money printing. Several major ETF issuers have recently met with the SEC, raising hopes for the approval of spot Bitcoin ETFs. Among these issuers, BlackRock stands out as it has met with federal regulators multiple times and recently made amendments to its application to facilitate participation from large banks. The SEC is expected to make a decision on BlackRock's application by January 15.
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