The approval of a spot Bitcoin ETF by the SEC has been a highly debated topic, and a recent false report claiming approval caused a temporary 10% increase in BTC’s price.
Other factors, such as the regulatory environment and the timing of Bitcoin’s halving in April or May, also play a role in determining whether BTC reaches the $100,000 mark in case of a spot Bitcoin ETF approval. That said, we decided to check with ChatGPT to see what it thinks about whether BTC can hit the coveted $100K in case the SEC does indeed approve a spot Bitcoin ETF.ChatGPT said that whether Bitcoin hits $100K after the SEC approves a spot BTC ETF hinges on multiple considerations.Approval of a spot Bitcoin ETF could make it easier for institutional investors to gain exposure to Bitcoin. Increased institutional interest might lead to higher demand and potentially drive up the price.
According to the popular AI-based chatbot, regulatory developments beyond the Commission’s decision can also impact Bitcoin’s price. It thinks that clarity, as well as favorable regulations, are capable of boosting confidence. On the flip side, unfavorably regulatory actions may lead to more uncertainty.