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
475
2 min
0
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.
Useful material?
Incidents
Scammers took advantage of the former US president’s recent announcement of a real DeFi protocol
Sep 4, 2024
Technologies
The upgrade is aimed at implementing a new decentralized project governance system
Sep 2, 2024
Incidents
The company placed $2б4 billion in bonds maturing in 2026, but their value has fallen dramatically since the entrepreneur’s arrest
Aug 30, 2024
Incidents
In both cases, depending on the outcome of the investigations, the messenger could be blocked
Aug 29, 2024
Market
The project will offer a decentralized alternative to traditional banking services
Aug 29, 2024
Trends
Within a week of its launch, the platform managed to overtake its main competitor, Pump.fun on the Solana network
Aug 28, 2024