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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

How Spot Bitcoin ETFs Could Catapult BTC Price To $500,000, According To This Crypto Trader

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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Ad discliamer

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Ash Crypto, a prominent figure in the crypto trading community, predicted that the US spot Bitcoin Exchange-Traded Funds (ETFs) could propel BTC’s price to $500,000.

Bitcoin To Follow Gold’s ETF Success Story

The rationale behind Ash Crypto’s forecast stems from a comparison with gold, whose market capitalization witnessed a significant surge after the introduction of its ETFs. Historically, gold’s market cap escalated from approximately $2 trillion before the ETFs to roughly $16 trillion over the following years.

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The Bitcoin Climax: Analyst Flags Market Peak Amid Spot ETF Hype Cooling Off

1 year ago

Ash Crypto posits that with its finite supply and growing popularity, Bitcoin might not only replicate but potentially exceed gold’s post-ETF trajectory. Considering Bitcoin’s current market cap of around $840 billion, reaching even half of gold’s market cap would catapult BTC’s value to “$500,000 in the coming years.”

Bitcoin is going to $500k after the
Spot ETF is approval. Here is the
evidence –

When Gold ETF was approved, it’s
mcap was around $2 Trillion. After
ETF gold saw huge inflows of liquidity
and reached $16 Trillion in few years.
( Don’t forget gold supply is not fixed,
we… pic.twitter.com/uE6XKkHWtU

— Ash Crypto (@Ashcryptoreal) January 14, 2024

The implications of Bitcoin’s rising market cap extend beyond the crypto sphere, encroaching on traditional financial markets. Ash Crypto points out the colossal market capitalizations of the global stock and bond markets, amounting to $109 trillion and $133 trillion, respectively.

The crypto trader suggests that as Bitcoin continues to establish itself as a legitimate financial asset, it will likely absorb a significant portion of the market cap from these traditional markets. This belief is grounded in the notion that Bitcoin offers a “novel value proposition, aligning with the investment preferences of a new generation of investors.”

Adding to this perspective, several trillion-dollar companies have begun promoting Bitcoin, signaling the advent of institutional investors in the crypto market.

These developments indicate a growing recognition of Bitcoin as a mainstream financial asset, further supporting the potential for a significant increase in its market cap. The crypto trader noted:

Now we have trillion dollar companies shilling Bitcoin for us with ads. Institutions are finally here and trillions are coming into crypto boyz!!

Ash Crypto further emphasizes that the journey to an $8 trillion market cap is a “long-term” vision that won’t “happen overnight,” advising investors to maintain focus beyond the market’s short-term volatility.

Global Mega Bank Foresees $200,000 Price Target

Furthermore, echoing Ash Crypto’s bullish stance, Standard Chartered’s Head of Digital Assets Research, Geoff Kendrick, and Precious Metal Analyst, Suki Cooper, forecasted a six digit price target for Bitcoin.

They project a potential target of $200,000 for Bitcoin, contingent upon an influx of $50 to $100 billion into the Spot Bitcoin ETFs. Their predictions draw parallels between the historical impact of Gold exchange-traded products (ETPs) and the expected trajectory of Spot Bitcoin ETFs, foreseeing a rapid development for the latter compared to the former.

Related Reading

Bitcoin (BTC)

PlanB’s Triple Bitcoin Forecast: A Pre-Halving Surge, Post-ETF Rally, And Monumental Peak Ahead

1 year ago

Meanwhile, over the past week, Bitcoin has shown bearish price action. The asset has notably plunged over 5% over this period and has continued to decline even in the past 24 hours by 1.1%, with a current trading price of $42,419 at the time of writing.

Bitcoin price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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