With Ethereum ETFs approved, how high can ETH go in 2024?
The SEC just approved 8 spot Ethereum ETFs.
This is a big deal.
When the SEC approved Bitcoin ETFs, BTC surged 60% over the next 2 months.
But I believe Ethereum could surge even more.
Ever heard of the “infinite bid”?
When tens of millions of Americans get paid every other week, they buy stocks on autopilot through their retirement accounts.
This creates continuous demand for stocks, which puts a floor under prices.
Thanks to the ETFs, crypto now has an “infinite bid” as well.
The world’s largest asset managers — including BlackRock, Fidelity, VanEck, and others — are telling their clients to buy and hold BTC in their 401(k)s.
They’ll soon be advising to buy ETH through Ethereum ETFs too.
The floodgates have opened. Billions of dollars of Wall Street’s money are pouring into crypto for the first time ever. I think we’re only getting started.
But here’s the catch: Although Bitcoin ETFs are live, my contacts tell me only around 20% of financial advisors have been cleared to recommend them to clients so far.
They expect this to rise to 80% by the end of this year.
On Wall Street, things move slow. They joke you must get legal signoff to buy a box of pens. It’s funny because it’s (almost) true.
Bitcoin has surged from $45,000 to $70,000 since the ETFs launch. Yet most of the largest wealth managers aren’t even able to buy it yet.
What will happen when the Wall Street sales machinery cranks into high gear? Much higher prices, I expect.
A reader of my Jolt newsletter wrote me saying, “ETFs seem set to be major drivers in this bull market for bitcoin, potentially leading to more significant gains than we’ve seen in the past.”
I agree. The bitcoin ETFs unlock trillions of dollars of retirement money that were previously off-limits to crypto.
And with Ethereum ETFs approved, I suspect a large chunk of that money will be buying ETH.
Ethereum is “candy” for Wall Street.
There’s some innovation happening with bitcoin.
But it’s nothing compared to Ethereum.
Ethereum continues to be head and shoulders above its peers when it comes to making money.
Here are the top 10 cryptos ranked by how much revenue they raked in over the past year:
Ethereum generates five time more revenues than its closest peer.
It accumulated $540 million in revenue last month alone. That’s the highest monthly total in over two years.
My Ethereum price prediction for 2024…
Ethereum is only one-third the size of bitcoin.
That means it takes a lot less money to move its price.
Ethereum ETFs push ETH toward — and ultimately beyond — $10,000.
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