The digital asset financial services provider Matrixport believes that if the proposed spot Bitcoin ETF by BlackRock is approved by the United States Securities and Exchange Commission (SEC), the price of Bitcoin could potentially rise to between $42,000 and $56,000.
“With a larger inflow of $50 billion, Bitcoin could potentially reach $56,000.”Matrixport
Up to $12 to $24 Billion Could Enter the Market After ETF Approval!
Matrixport’s estimate is based on the analysis of 15,000 registered investment advisors in the United States and predicts a total value entering the market between $12 billion and $24 billion in the event of ETF approval.
Recently, false reports circulated in the market regarding the approval of a Bitcoin ETF, and as a result of these reports, the price of Bitcoin briefly surged to $30,500. This illustrates the significant impact a real approval for Bitcoin ETFs can have. If a major financial institution like BlackRock’s Bitcoin ETF is indeed approved, it could have a substantial influence on the cryptocurrency market.
Source: The Block