Bitcoin price could rise to $56,000 if BlackRock ETF approved: Matrixport
The price of bitcoin could rise to between $42,000 and $56,000 if BlackRock's spot bitcoin ETF is approved by the Securities and Exchange Commission, according to digital assets financial services platform Matrixport. Utilizing its analysis of 15,000 U.S. registered investment advisors, Matrixport projected some $12 billion to $24 billion worth of inflows could come into such an ETF. RIAs oversee around $5 trillion, according to Matrixport, arguing a modest 1% allocation recommendation.
RIAs oversee around $5 trillion, according to Matrixport, arguing a modest 1% allocation recommendation from the group could produce the up to $50 billion of inflows. “Drawing a parallel with precious metals ETFs, estimated at approximately $120 billion in market cap, and assuming that between 10-20% of precious metal ETF investors look at a bitcoin ETF to diversify their monetary debasement and inflation hedges, we could witness a sizeable $12-24 billion worth of inflows into the bitcoin ETF,” it said. A wild trading day on Monday saw bitcoin's price spike 5% to almost $30,000 after a false report regarding approval of BlackRock's spot ETF circulated on social media before being debunked.Earlier this month, former BlackRock executive Martin Bednall said the SEC.
