If the BlackRock ETF is approved, the price of Bitcoin could double. But will Bitcoin reach $56,000? In this Pooyan Music post, we will look at a prediction from MatrixPort about the price of Bitcoin.
According to digital asset financial services platform MatrixPort, the price of bitcoin could rise between $42,000 and $56,000. Only if the BlackRock Spot Bitcoin ETF is approved by the Securities and Exchange Commission.
The Matrixport estimate is based on an analysis of 15,000 investment advisors in the United States. This estimate predicts $12 billion to $24 billion in inflows into Bitcoin ETFs.
According to digital asset financial services platform MatrixPort, the price of bitcoin could rise from $42,000 to $56,000 if the BlackRock Instant Bitcoin ETF is approved by the Securities and Exchange Commission. Using its analysis of 15,000 investment advisers in the U.S., MatrixPort predicted that about $12 billion to $24 billion in inflows could flow into such ETFs.
“If Tether’s market capitalization rises to $24 billion, acting as a proxy for potential ETF flows, the price of Bitcoin will rise to $42,000,” Matrixport noted. Of course, this represents a conservative estimate. With the $50 billion rush, Bitcoin could potentially go as high as $56,000.
RIAs oversee about $5 trillion, according to Matrixport. That is, an average allocation recommendation of 1 percent from this group could generate up to $50 billion in inflows. Compared to precious metals ETFs, which have a market capitalization of approximately $120 billion, and assuming that 10-20% of precious metals ETF investors look to Bitcoin ETFs to diversify their currency devaluation and inflation hedges, we could see significant upside. be attentive We will have an estimated $12-24 billion inflows into Bitcoin ETFs.
BlackRock, along with other institutions, submitted their application in June. However, further action by the SEC last month to determine whether or not to approve bitcoin cash ETFs from major players, including BlackRock, as well as Inosco, Valkyrie and Fidelity, is an apparent additional delay that could last at least another month. It started.
A busy day of trading on Monday saw Bitcoin rise 5% to almost $30,000. But that’s what happened after the misreporting of BlackRock’s dot ETF approval.
Earlier this month, former BlackRock CEO Martin Bednall said the SEC would likely approve all bitcoin ETF applications at the same time.