2023-07-03 22:16:40
Cryptocurrency analyst Willy Wu has suggested that under certain market conditions, the price of bitcoin might reach $310,000 per coin.
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A well-known trader and analyst in cryptocurrency circles, Willy Wu, believes that the price of Bitcoin (BTC) can rise 10 times under one simple condition.
On his Twitter page, he wrote that if eight companies that are more or less involved in blockchain and tokenization invest only 5% of their assets under management (AUM) in bitcoin, then the price of the first cryptocurrency, according to his estimates, might rise to $310,000.
“What will happen to the price if these guys put 5% of AUM into BTC? By my calculations, regarding $310k per coin.”
At the same time, he noted that the probable price will depend on the moment of placement of capital.
“It will depend on whether they enter bearish or bullish phase of the market, but the range will be between $128k and $398k. Now she [вероятная цена] is $310 thousand. The methodology is to measure the increase in market capital compared to the increase in realized capital.
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These figures have been met with some skepticism, especially with speculation that the companies in question may simply decide to funnel a percentage of their AUM into bitcoin. In response to this, Wu clarified that his assumptions are a hypothetical answer to a question asked by a user.
Recall that earlier several companies at once, including such investment giants as BlackRock, Fidelity, Invesco, Wisdom Tree and others, filed applications with the SEC (US Securities and Exchange Commission) to launch spot exchange-traded funds (ETFs) for bitcoin. The launch of bitcoin spot ETFs will allow investors to access the cryptocurrency market without having to directly own the underlying asset.
However, the SEC stated that the filings submitted are not sufficiently clear and complete. Companies, however, can re-apply, but subject to the requirements – in particular, they must have a “joint supervision agreement” or provide enough information regarding the details of the monitoring mechanisms. Fidelity, WisdomTree, VanEck, Invesco and Ark Investment Management have already resubmitted applications.
The past week has also seen an increase in trading volume on centralized cryptocurrency exchanges, which has been linked to bids by BlackRock and others for bitcoin spot ETFs.
The bidding frenzy began in early June when BlackRock applied to launch the iShares Bitcoin Trust. The document emphasizes that previously approved products traded on a spot exchange in the commodities and foreign exchange markets “are generally unregulated, with the SEC relying on the futures market.” Therefore, the company sees no barriers to approving such a spot ETF.
On June 20, it also became known regarding the launch of a new cryptocurrency EDX Markets in the United States. The peculiarity of this site is that it is positioned as “non-custodial”, which means that it does not work directly with the digital assets of its clients, as well as the fact that EDX Markets is supported by large institutional capital represented by such giants from the financial world as Citadel Securities, Fidelity Investments and Charles Schwab.
Almost simultaneously, it became known that two European banks, one of the largest in the world, the German Deutsche Bank and Crédit Agricole, received a license to provide services in the field of digital assets.
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