“A bigger wave is coming” – Bitcoin is now preparing for its “IPO moment” after Ethereum, XRP and crypto prices surged by $2.3 trillion
BitcoinBTC has seen a return to its 2021 boom times in recent weeks (although the huge Bitcoin price surge has sparked a serious warning of “massive collateral damage”).
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Bitcoin price is now knocking on the door of its all-time high of $69,000 per Bitcoin, pushing the Ethereum, XRPXRP and broader crypto market to over $2.3 trillion and fueled by the arrival of spot Bitcoin exchanges Traded funds (ETFs) are fueled on Wall Street and rumblings of a $13.6 trillion earthquake.
Now, as Tesla billionaire Elon Musk and legendary investor Warren Buffett find surprising common ground on the “true currency,” the chief investment officer of Bitcoin asset manager Bitwise predicted an even “bigger wave” will occur in the coming months Bitcoin and crypto market will reach.
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Highs that are driving up the price of Ethereum, XRP and other cryptocurrencies.NurPhoto via Getty Images
“I think there will be an even bigger wave in a few months as we see the major wirehouses get involved,” Bitwise CIO Matt Hougan told CNBC, adding that interest in spot Bitcoin -ETFs have so far come from private investors, hedge funds, etc. independent financial advisors.
“This was Bitcoin's IPO moment, Bitcoin is in a new era of price discovery, and I think Bitcoin price could go significantly higher from here,” Hougan said, referring to initial public offerings (IPOs). allow companies to list shares on the stock exchange.
Last week, Carson Group, an Omaha-based registered investment advisory platform (RIA), approved four of the 10 new spot Bitcoin ETFs, greenlighting the BlackRockBLKBLK, Fidelity, Bitwise and Franklin spot Bitcoin ETFs on its $30 billion Bloomberg's dollar platform.
Bitwise CEO Hunter Horsley said Bitcoin's availability on RIA platforms, which manage $114.1 trillion in assets, according to the Investment Adviser Association's 2023 snapshot, was a “huge catalyst” for the fund growth could be.
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The price drop in 2022 is contributing to the recovery of the entire Ethereum, XRP and crypto market.Forbes Digital Assets
“We have entered a new era for Bitcoin, whose rapid rise this week marks the clear start of the new bull market,” Alex Adelman, chief executive of Bitcoin rewards app Lolli, said in emailed comments.
“Once Bitcoin breaks its all-time high, we will see another wave of interest in Bitcoin from retail investors, especially as those who have invested in Bitcoin over the past few years may have increased their holdings by over 400%.”
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I am a journalist with extensive experience in technology, finance, business and business around the world. As founding editor of Verdict.co.uk, I have reported on how technology is changing the economy, political trends and the latest culture and lifestyles. I have covered the rise of Bitcoin and cryptocurrencies since 2012, charting its emergence from a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the Internet itself. I have worked and written for CityAM, the Financial Times and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally own a small amount of Bitcoin and other cryptocurrencies.
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