Some financial experts believe that the price of cryptocurrencies is solely driven by investors’ speculation, and in the past few years detractors have suggested that fixed income instruments like treasury bills have no relation to do with digital assets. This point of view is fairly accurate because, at this time, most investors from the asset class are not allowed to invest in Bitcoin (BTC) and altcoins.
It’s very possible that a Bitcoin EFT (Exchange Traded Fund) approval may happen soon, it could open the door for more conservative investors and have and irreversible impact on BTC price. My thoughts are that it could happen sooner rather than later.