Sue Ennis, Vice President of Hut8, recently shared her thoughts on how Bitcoin price will rise above $100,000 in the next year and how the upcoming halving will impact BTC miners. Ennis believes that if Bitcoin were to capture even 2 to 3% of gold’s market cap, it would be incredibly accretive to the price and push it north of $100,000. Despite the belief that the halving will send BTC price to a new all time high, the current macroeconomic headwinds and BTC’s recent price action below $30,000 do not inspire much confidence in this theory in the short-term. Ennis believes that the hashrate continues to come online despite Bitcoin price trading in a certain band, and that there is a tremendous amount of new entrants into the global Bitcoin network. She suggests that miners need to be in a position of avoiding being “single threaded,” i.e., they need more than one way of earning revenue beyond just mining Bitcoin.Ennis also believes that the launch of a spot Bitcoin ETF is incredibly bullish for the asset class, but cautioned that an approval could create sell pressure on miner equities given that mining stocks have often been used as a proxy investment to Bitcoin. She believes that the chance of a spot Bitcoin ETF approval by the end of 2023 is definitely better than 50%.

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Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	9
People	Sue Ennis, BlackRock, Paul Barron
Companies	U.S. Securities and Exchange Commission, Bitcoi, Hashrate Index, BlackRock, Hut8
Currencies	ethereum, bitcoin
Securities