Crypto analyst names the condition for the growth of bitcoin by $75 000
According to the host of YouTube channel InvestAnswers, the capitalization of the first cryptocurrency could grow by 1,05 trillion dollars
08.08.2022 - 16:25
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What’s new? Crypto analyst and host of YouTube channel InvestAnswers has explained how a partnership between cryptocurrency exchange Coinbase and asset manager BlackRock could push the price of bitcoin to $773 000. According to him, if BlackRock invests 0,5% of its assets in BTC with a multiplier of 21x, the capitalization of the first cryptocurrency will grow by $1,05 trillion. This would add $75 000 to the price of bitcoin, raising it to $99 000.
What else does the expert say? According to the analyst, if BlackRock allocates 1% of the funds, it would add about $2,1 trillion to the market capitalization and $150 000 to the bitcoin price. If the asset manager invests 5%, the price of BTC could rise to $773 000 in the next three to five years. However, the expert believes that such a development is unlikely in the near future.
As of August 8, 15:15 UTC, bitcoin is trading at $24 188, having gained 4,68% overnight, according to Binance.
In early August, BlackRock announced a partnership with Coinbase. As part of the partnership, BlackRock institutional investors who use the Aladdin crypto platform will have direct access to digital assets. For now, the partnership only covers bitcoin.
BlackRock is one of the world's largest asset management and investment firms. As of January 2022, it had $10 trillion in assets under management. The company's stock is traded on the New York Stock Exchange (NYSE) under the ticker BLK. As of August 8, the share price is $703,15, up 1,04% overnight, according to Investing.com.
In June, Galaxy Digital CEO Mike Novogratz said the cryptocurrency market's recovery would be affected by international hedge funds buying BTC in traditional finance. However, this requires the US Federal Reserve System (Fed) to stop raising interest rates.
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