PawZone Founder Forecasts Crypto Boom for Shiba Inu and PAW, Anticipating Bitcoin Spot ETFs to be the Catalyst
Article Rewritten:
Major Turning Point for Crypto: Bitcoin ETF Approval Could Bring in More Institutional Money
In an intriguing development, the founder of the PawZone NFT marketplace, known as @jds_updates on social media, recently discussed the potential impact of an approved Bitcoin (BTC) spot Exchange-Traded Fund (ETF). According to him, this move could have a significant influence on both Bitcoin and other cryptocurrencies such as Shiba Inu (SHIB) and PawZone’s token, PAW, potentially leading to their growth.
The Crypto Community Awaits the Bitcoin ETF Decision
The crypto community is eagerly anticipating the decision of the U.S. Securities and Exchange Commission (SEC) regarding the Bitcoin ETF. The founder of PawZone suggests that if approved, this ETF could serve as a turning point for digital currencies. It could attract more institutional funds and even inspire other cryptocurrencies to consider launching their own ETFs.
I personally believe that $SHIB and $PAW (PAWZONE) are just scratching the surface as the overall crypto market experiences one of the most significant catalysts of all time. Many catalysts in the crypto space have led to a “buy the rumor, sell the news” scenario. However, an ETF opens the door to a massive influx of institutional money…
pic.twitter.com/AtAIF59iJj
— JD’s Updates (@jds_updates) December 24, 2023
SHIB and PAW: Poised for Growth?
Focusing on Shiba Inu and PAW, the founder of PawZone highlights that these tokens are only at the beginning of their journey. The potential approval of a Bitcoin ETF is seen as a pivotal catalyst that could propel these digital assets into a new phase of growth and wider acceptance in the mainstream. The founder’s vision goes beyond short-term price appreciation and extends to a longer-term perspective of market evolution and expansion.
Meanwhile, the Shiba Inu team is actively working on an upgrade to automate SHIB burns. This change aims to alleviate pressure on the BONE token within the Shibarium ecosystem, enhancing efficiency and supporting the stability of the token. The SHIB community has already demonstrated its dedication to reducing supply, with significant SHIB burns reported recently.
Read More: Shiba Inu Hype Continues! Will the Meme Coin Price Reach $0.02 Soon?
Market Outlook for Bitcoin
With BTC’s current value hovering around $43,639.22, experts and analysts are discussing the potential impact of a Bitcoin ETF approval. Some predict that BTC could surpass $50,000 in early 2024, supported by the expected ETF approval. Many prominent investors and advisors believe there is a high chance, around 98.7%, of the ETF receiving approval.
Also Read: Spot Bitcoin ETFs Could Surpass $50 Billion Crypto ETP Market: BitMEX
Tags: Bitcoin ETF