Once ETF Application Approved, Bitcoin Price Rise to 6 Figures Not a Dream?

Earlier, SEC Chairman Gary Gensler has been calling for increased regulation of cryptocurrencies.

Scott Melker agrees that regulation of cryptocurrencies is essential, but he wants Gary Gensler to create reasonable regulations that will encourage more money to enter the crypto space.

This week, bitcoin and ethereum stood at the $40,000 and $3,000 marks respectively, and despite news of hackers stealing cryptocurrencies, it did not affect the cryptocurrency rally at all.

Looking ahead, Scott Melker expects bitcoin and ethereum to hit new all-time highs by the end of the year. "I think this correction is probably over and we're on track to see new all-time screw-ups by the end of the year, and I wouldn't be surprised at all if the bitcoin price rises to six figures or ethereum to $10,000 in the next six to 12 months."

Long-term, Scott Melker, Bitcoin is a 7-figure asset and Ether is worth at least $20,000-$30,000.