Bitcoin To Cross $100000 By 2024 End Riding On The Back Of $100B In Potential Inflows, Says CoinShare’s Meltem Demirors – BlackRock (NYSE:BLK)

Bitcoin Could Hit $100,000 as Inflows Increase with ETF Approval, Says CoinShare’s Chief Strategy Officer

Bitcoin, the king of cryptocurrencies, could reach the $100,000 mark, according to CoinShare’s chief strategy officer, Meltem Demirors. This prediction is based on the expectation of potential inflows of up to $100 billion following the approval of a spot Bitcoin ETF.

In an interview with CNBC, Demirors expressed her excitement about the ease with which investors can now invest in cryptocurrencies. She stated, “Everyone was ecstatic. We’ve been idiotically pursuing this idea, this vision of creating an easy way for investors to access Bitcoin through a cost-efficient vehicle that can be traded right in a brokerage account.”

With the introduction of ETFs, it has become easier than ever for investors to gain exposure to Bitcoin. Demirors is hopeful that a larger portion of funds will flow into the cryptocurrency market. She estimated that if even 0.5% of the $34 trillion retirement accounts in the U.S. are allocated to Bitcoin over the first two years, it would result in a significant increase in assets under management.

Demirors believes that the ETF approval has changed the dynamics of traditional investment strategies, where investors typically split their investments between fixed income assets and equities. She stated, “I think it’s a strong sort of indicator that we could see potentially material flows orders of magnitude anywhere from $25 to $100 billion in year one.”

Furthermore, Demirors confidently stated, “I think we’re going over six figures by the end of the year.”

These sentiments align with the views of analysts at investment bank Goldman Sachs, who also believe that the launch of Bitcoin ETFs will benefit investors. In a note seen by CoinDesk, Goldman Sachs highlighted the investor protection and improved liquidity that ETFs provide compared to accessing Bitcoin through private funds.

The first day after the approval of a Bitcoin ETF saw significant trading volumes of $4.5 billion, with contributions from the Grayscale Bitcoin Trust and BlackRock Inc.

Overall, the approval of a Bitcoin ETF has generated optimism among investors and industry experts. With easier access to Bitcoin, the cryptocurrency market is expected to experience significant inflows, potentially driving the price of Bitcoin to new heights.

Leave a Reply

Your email address will not be published. Required fields are marked *