Crypto blogger Lark Davis suggests Bitcoin can follow gold's price when it began to soar in 2004
Davis tweeted that many experts in the crypto community believe that once a Bitcoin spot exchange-traded fund launches, new investors will bring a whopping $20 billion to $30 billion USD into Bitcoin by grabbing around 50% on crypto exchanges at today's prices.
Davis shared a chart showing the skyrocketing of the gold price in 2004 after the first ETF was released by State Street Corporation. The same may happen to Bitcoin, the crypto blogger reckons. The chart shows that the gold price after that started rising in late 2004 from $400 per ounce and finally reached a peak of $1,939 in 2011. That was followed by a decline to $1,184.Estimates are that a spot Bitcoin ETF would bring 20-30 billion of fresh cash into Bitcoin.
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