Benzinga - Bitcoin (CRYPTO: BTC) broke the $44,000 mark shortly after the Federal Reserve decided to maintain steady interest rates, amid surging spot BTC ETF optimism through the cryptocurrency market.
This leap from $37,000 in under a month is being heralded as the ‘Santa Rally’, buoyed by the wave of optimism following numerous applications for Bitcoin spot ETFs from industry giants such as Grayscale, 21Shares & Ark, BlackRock, and others.
Bankers seem to be equally excited about spot BTC ETF. We spoke to Eli Taranto, Director at EQITrade, parent company of EQI Bank, a global digital bank for national currencies, crypto and digital assets.
"The market seems to be confident that BTC will break out to new highs as politicians and top institutions are warming to its potential. Just like any innovation, initial reservations seem to have been overcome and it is likely crypto will become for finance what the wheel became to the cart. As long as the public and private sector work together to ensure compliance – we are in innovation territory. The strongest indication of future success is the fact that political candidates on both sides of the isle are positive on Bitcoin,” he said.
Eli Taranto, Director at EQITrade
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Presidential Candidates Talking Crypto: The realm of politics isn’t immune to the crypto wave, with presidential hopefuls like Vivek Ramaswamy and Robert F Kennedy Jr vocal about Bitcoin. Former President Donald Trump released his third NFT collection purchasable with cryptocurrency this week.
Taranto forecasts, “It looks like mass adoption has arrived. Major U.S. presidential candidates talking crypto is a sign that is now a fully-fledged participant in the global economy. When exactly crypto will become an economic driver is hard to say, but it’s a fair bet that this time is approaching..”
On CBDCs: Enhancing the traditional banking sector with CBDCs poses a golden opportunity in Taranto’s eyes. “I see CBDCs as a catalyst for positive global finance shifts. They promise broader financial access, reduced transaction fees, and a more stable and resilient financial system,” he said acknowledging that, “Central banking is often viewed critically, but it can be a force for good, ensuring stability.”
When questioned about the tension between CBDCs and private currencies, Taranto provided insight into the likely progression of this relationship. “The interplay between CBDCs and private currencies is indeed an area ripe for government attention." He is a firm proponent of public-private collaborations.
"As a banker, I see the advent of CBDCs as advantageous. Access to more data—and data with greater specificity—allows for the creation of better, more consumer-friendly products. If we can build services that benefit the consumer, then virtually everyone can win in this new paradigm where 99.9% of people will thrive."
On Cathie Wood's BTC reaching a million-dollar target, Eli said “It is entirely possible. Because the level of demand, the level of access that the ETF will open up is unparalleled. I’m thinking $500,000."
Price Action: At the time of writing, BTC was trading at $42,784, up 5% in the last 24 hours according to Benzinga Pro.
Photo by Igor Faun on Shutterstock
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