BlackRock and Fidelity ETF bombshell triggers massive $75 trillion Bitcoin price prediction
Bitcoin has soared over the past year, surpassing its previous all-time high, as Tesla billionaire Elon Musk makes a dramatic return to the forefront of the crypto world.
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Bitcoin price is up about 350% since crashing to recent lows of $15,000 per bitcoin, thanks largely to a fleet of spot Bitcoin exchange-traded funds (ETFs) that are taking Wall Street by storm (although the huge Bitcoin price rally has raised fears). The Biden administration may plan to “kill” Bitcoin and cryptocurrencies.
Now that Coinbase has announced its support for BlackRock's “$5 trillion by 2030” game-changer, famed stock picker and Bitcoin bull Cathie Wood has raised her Bitcoin price prediction – betting that an impending Bitcoin price rise will boost Bitcoin will result in a market capitalization of $75 trillion by the end of the decade.
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The exchange-traded fund (ETF) earthquake of the past three months sparked a surge in mega-optimistic Bitcoin price predictions.Getty Images
“Last year we made our bullish case for Bitcoin, it was $1.5 million,” Wood, the chief executive of disruptive technology investor Ark, said on stage at the New York Bitcoin Investor Day conference, as reported by Business Insider.
“Given this institutional green light that the SEC gave, even though they did, we did the analysis that institutional investors would invest a little over 5% of their portfolio in Bitcoin, which we believe will be the case.” “Over time, that alone would add $2.3 million to the guidance I just gave you,” Wood said, referring to the U.S. Securities and Exchange Commission's nearly $2.5 million ruling in January had offered a dozen spot Bitcoin ETFs.
Wall Street giants BlackRock and Fidelity have emerged as the two largest new Bitcoin ETF issuers, managing around $15 billion and $9 billion in assets, respectively. Wood's own Bitcoin ETF, Ark 21Shares, now holds nearly 40,000 Bitcoin worth $2 billion on behalf of investors.
According to Wood's new Bitcoin price prediction, Bitcoin could reach $3.8 by 2030, a massive increase of almost 6,000% from Bitcoin's current price of $65,000 and a market cap of $1.2 trillion.
“We think [bitcoin] “There are still many miles to go,” Wood said. “We are at the very beginning of truly building the online financial ecosystem and disintermediating all those liable to customs.”
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The crash cost the entire crypto market $2 trillion and sparked a wave of optimistic Bitcoin price predictions.Forbes Digital Assets
After a period of tremendous growth following their launch, the new spot Bitcoin ETFs – including Grayscale's converted trust – saw outflows for four consecutive days this week, according to BitMex data, as the price of Bitcoin fluctuated wildly as traders sought to get ahead of Federal to remain expecting a reduction in the key interest rate.
Meanwhile, traders are turning their attention to Bitcoin's looming supply cut, the so-called halving, scheduled for April.
“Rather than attribute Bitcoin's current fluctuations solely to the upcoming halving, we propose a nuanced view, taking factors such as spot Bitcoin ETF flows, evolving miner profitability post-halving, and general market psychology to a high degree of consideration “Greed” on almost all fronts,” said Mikkel Morch, founder of digital asset investment fund ARK36, in emailed comments.
“With further Bitcoin retracements potentially on the horizon and historical patterns pointing to potential turbulence, we advise investors to proceed cautiously and explore opportunities in the uncharted territory of the halving in 2024.”
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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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