According to a report by financial services company Matrixport, even if the spot ETF is not approved, Bitcoin could still rise in 2024. Analyst Markus Thielen predicts that with increased liquidity, the Bitcoin halving event and the possibility of Donald Trump being re-elected as US president provide further catalysts.
The analyst wrote in the company's latest report that since the outbreak of the COVID-19 pandemic, the size of the US money market fund has increased from $3 trillion to $6.1 trillion. This growth means that now about $370 billion in interest is paid annually, equivalent to about $1 billion per day - this money can "easily" enter riskier investments such as stocks and cryptocurrencies. In addition, he believes that the $6.1 trillion in principal could also be used to push up asset prices.