Ikigai Asset Management’s Chief Investment Officer believes Bitcoin (BTC) and Ethereum (ETH) will hit new all-time highs (ATH) due to an unprecedented setup in crypto history.
In a lengthy thread on social media platform
“BTC basically has free access to ATH.
I got a spot BTC ETF. This will give him secure access to trillions of dollars of his BTC that were previously inaccessible.
The half-life is several months away.
The Fed is likely to cut rates multiple times this year. The stock is at ATH and looks set to rise further…
You can argue about the pace to ATH (1 hour-24, 2 hour-24, 1 hour-25), or how much this cycle will ultimately exceed your previous ATH ($75,000, $90,000, $100,000, $120,000, $180,000). But the path to ATH looks incredibly easy.
Cryptocurrencies need very little “work” to get BTC to the low $60,000s. Maybe it will just “happen” because the ETFs are there and the Fed is easing. We had never had a setup like that before. ”
The halving, when BTC miners’ rewards will be halved, is scheduled for April.
At the time of writing, Bitcoin is worth $43,022.
According to Kling, Ethereum has a similar setup. But Kling said that instead of halving, Ethereum relies on a write mechanism that destroys a small amount of ETH with each transaction.
Ikigai executives also believe that spot market ETH is likely to be approved within the next few months.
“The same setup as above is essentially being implemented for ETH, only with a 3-12 month delay.
For the exact same reason the SEC was forced to give spot approval. [BTC] ETF (lost the Grayscale decision; the court ruled that if you own a BTC futures ETF and a BTC futures ETF, you must allow a spot BTC ETF), forcing the SEC to approve the ETH ETF I no longer get .
The timing of approval is debatable – March? Probably too soon. May? It’s certainly possible, but it may be a little early. August? It feels about right.
I think it is highly unlikely that spot ETH ETFs will disappear a year from now.
Combining this with the Fed rate cut and the inherent reflexivity of the ETH burn mechanism, I think ETH also has a free walk to ATH, and will rise about 100% from here. Again, rational thinkers may differ on when and how far ETH will go beyond its previous ATH in this cycle, but basically it is free. Looks like a walk.
We had never had a setup like that before. ”
At the time of this writing, ETH is trading at $2,304.
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