$BTC: BlackRock’s Bitcoin ETF could spark a $150 billion crypto boom, says Bloomberg analyst

A senior Bloomberg exchange-traded fund (ETF) analyst has suggested there could be a potential $150 billion inflow of capital into the Bitcoin (BTC) market over the next few years, assuming the green light for the deal proposed by BlackRock Spot Bitcoin ETF is given.

During a recent interview with journalist Paul Barron, Bloomberg analyst Eric Balchunas said that BlackRock’s spot Bitcoin ETF could increase Bitcoin’s prominence among mainstream financial experts, noting that with a BlackRock ETF “it’s prime time.” ” be.

He further compared the significance by equating BlackRock and Vanguard’s ETFs with IBM’s once unassailable reputation in the corporate world, saying that 30 years ago, brokers and financial advisors “could never have been fired for buying IBM” because it was was a good company, which meant customers couldn’t be fired. I will not be unhappy with the move.

Balchunas went on to say that financial professionals “can no longer get fired for buying a BlackRock or Vanguard ETF.” It’s just too good a deal. It’s just too bulletproof.” The basis of Balchunas’ $150 billion projects comes from the current valuation of gold ETFs and the huge sums under management by money managers in the US.

In his words, advisors and asset managers have $30 trillion under their control, “basically for the rich boomers of America.” He noted that if just 0.5% of that capital were invested in the flagship cryptocurrency, it would mean over $150 billion.

As CryptoGlobe reported, a popular cryptocurrency market analyst recently pointed out that a key BTC metric suggests that institutional investors may have to fight for just 5% of the flagship cryptocurrency’s supply, which could drive prices up exponentially .

According to the analyst, 95% of all Bitcoins in circulation were not moved last month. The analyst cited data from cryptoanalytics firm Glassnode to support his statement.

Featured image via Unsplash.

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