John Deaton: BTC rate will soar to $220,000 after approval of Bitcoin ETF in the US

Predicting Bitcoin's Skyward Journey: The Impact of a U.S. ETF Approval

In a landscape where digital currencies are steadily becoming a staple in investment portfolios, the potential approval of a Bitcoin Exchange-Traded Fund (ETF) in the United States stands as a pivotal moment. Esteemed attorney John Deaton, a vocal advocate for cryptocurrency enterprises, anticipates a significant uptick in Bitcoin's value, predicting a surge to an unprecedented $220,000 following the ETF's endorsement.

Deaton, recognized for his representation of XRP stakeholders amidst the high-profile SEC litigation against Ripple, has taken to social platform Twitter to voice his projections. His assertions hint at an imminent nod from the SEC towards spot Bitcoin ETFs, a move that could harmoniously align with the much-anticipated Bitcoin halving event.

Furthermore, the U.S. Federal Reserve System's strategy to slash interest rates in mid-2024 is likely to bolster this upward trajectory. Deaton postulates that this amalgamation of fiscal adjustments and cryptocurrency milestones will catalyze a dramatic appreciation in Bitcoin's valuation, setting the stage for it to reach the $220,000 mark within an 18-month window post ETF approval.

Looking towards 2025, Deaton foresees a comprehensive overhaul of the regulatory environment governing cryptocurrencies, potentially triggered by shifts within the U.S. presidential administration. This evolution would necessitate an intricate legislative ballet, engaging the House, the Senate, and the President. The intricacies of election-year politics may extend these legislative timelines.

As the tenure of Gary Gensler at the helm of the SEC concludes in mid-2026, the regulatory vista is peppered with uncertainties. The enactment of new cryptocurrency regulations, according to Deaton, might materialize by late 2025, contingent upon the political landscape.

Steven McClurg, the Chief Investment Officer at Valkyrie, echoes Deaton's sentiments. McClurg has also projected a green light from the SEC on cryptocurrency ETF applications by late November, which could pave the way for their operational debut as early as February.

The confluence of an ETF approval, economic policy shifts, and the halving event posits an advantageous horizon for Bitcoin. With legal experts like Deaton and investment authorities like McClurg concurring on the bright prospects, the stage is set for a momentous ascent in Bitcoin's value, potentially rewriting its history and that of the entire cryptocurrency domain.