Matrixport predicts a potential Bitcoin surge to $56,000 if BlackRock’s spot Bitcoin ETF gets approval, driven by the influx of investors. Discover the key insights.
Bitcoin has been facing resistance at the $30,000 mark, but optimism is on the rise, mainly due to the anticipation of a spot Bitcoin ETF approval in the US.
Matrixport’s latest report delves into the implications of this approval, drawing a parallel with the substantial precious metals ETF industry.
If a modest 10-20% of precious metal ETF investors diversify into Bitcoin ETFs, it could channel $12 billion to $24 billion into the crypto market.
Tether’s market cap is a crucial factor here. A $24 billion increase in Tether’s market cap could push Bitcoin to $42,000, with a more significant $50 billion influx potentially sending it soaring to $56,000.
BlackRock’s application for a spot Bitcoin ETF, filed on June 15, already caused a 20% price surge. Notably, BlackRock amended its application to include warnings about the unregulated and transparent nature of the Bitcoin market, citing potential risks.
