China Looks Set To Push Bitcoin to USD100,000

Today things heat up with possible news China is looking at opening up Bitcoin ETFs in their mainland this is huge news as we previously saw the price impact China had on Bitcoin and the growth of Decentralised Finance (De-Fi) and Decentralised applications (DApps).

Their entry into Bitcoin ETFs may provided the added liquidity that will see Bitcoin reach that magical USD 100,000 price point that many have been eyeing off for many years since it’s inception. It was only a couple of years ago in 2021 when people thought that was going to be the year Bitcoin would breach that number, then it retreated.

Today we’re going to take a look at the global crypto news that is potentially driving more funds into the decentralised assets, will it be enough to prevent a price correction after the Bitcoin Halving? You be the judge and let us know what you think in the comments section below.

China Set To Join Bitcoin-ETF

Bitcoin continues to stand tall as the king of digital assets. Its seen quite a large rise in 2024 surging by a staggering 70% since the start of this year when Bitcoin ETFs were launched. Bitcoin has not only defied sceptics but also set the stage for a potentially ground breaking development: the approval of Bitcoin exchange-traded funds (ETFs) in Hong Kong led by China's Harvest Fund Management Co. and other major players.

As whispers of this approval grow louder Bitcoin loyalists alike are eagerly anticipating the impact it could have on the Crypto currency price trajectory with some speculating that it could brace Bitcoin to reach the elusive milestone of USD 100,000.

The significance of China's potential green light for Bitcoin ETFs cannot be ignored. China was once known for its stringent crackdowns on crypto currency trading is now looking to embrace a new era of digital asset investment. Harvest Fund Management Co., one of the country's leading asset managers may soon obtain approval from Hong Kong authorities to launch a spot-Bitcoin ETF through its international arm, Harvest Global Investments Ltd.

This move marks a major shift in China's stance on crypto currency showing a willingness to explore and capitalize on the burgeoning digital asset market

Pending Approval

The impending approval of Bitcoin ETFs in Hong Kong comes amid a broader global trend towards embracing crypto currencies as legitimate investment vehicles. In the United States the historic debut of Bitcoin ETFs earlier this year garnered substantial assets under management. Showcasing the the growing mainstream acceptance of Bitcoin and other digital assets. Now, with China's potential entry into the Bitcoin ETF market. The sector is set for a new wave of institutional and retail investors to flock to Bitcoin driving demand and pushing its price to new heights.

One of the key factors driving optimism surrounding Bitcoin's potential surge to USD 100,000 is the influx of institutional capital into the crypto currency market. Chinese mainland based equity funds that are leveraging their Hong Kong subsidiaries are reportedly exploring the launch of spot-Bitcoin ETFs.

This is a significant pivot towards crypto currency investment in the region. These funds including Jiashi Fund and Southern Fund subsidiaries have already filed regulatory applications and are eagerly awaiting approval to enter the Bitcoin ETF market. This newfound interest from institutional players underscores the growing legitimacy and appeal of Bitcoin as a viable investment asset.

The regulatory environment in Hong Kong is conducive to the development and growth of the crypto currency market. The Hong Kong Securities and Futures Commission (SFC) has expressed openness to the launch of spot-Bitcoin ETFs. They believe this will pave the way for innovative financial products that cater to both traditional and digital asset investors.

With regulatory hurdles gradually being overcome Bitcoin ETFs are positioned to become a mainstream investment option for individuals and institutions alike further fueling Bitcoin's ascent towards the USD 100,000 price point.

Challenges Remain

Challenges still remain particularly concerning the limited number of licensed crypto exchanges in Hong Kong. With only two such exchanges currently operating in the region investors seeking to subscribe to spot-Bitcoin ETFs may face logistical hurdles. Industry insiders remain optimistic about the prospects of Bitcoin ETFs in Hong Kong citing the region's commitment to fostering innovation and embracing digital transformation.

China's potential approval of Bitcoin ETFs in Hong Kong could serve as a catalyst for Bitcoin's journey to USD 100,000. With institutional interest on the rise and regulatory barriers gradually being dismantled. Bitcoin is looking set to attract a new wave of investors seeking exposure to the number one crypto currency and it’s broader market.

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