John Deaton, an attorney who has XRP, asks an intriguing question about the Bitcoin price to his 276 300+ Twitter followers.
He enquired as to their thoughts on the possibility that Bitcoin’s market valuation may one day match that of gold. If this happens, according to Deaton, the price of Bitcoin might rise to $300,000, which would be over ten times greater than its current price.
One Bitcoin was worth $30,672 at the time this article was written. The creator of CryptoLaw stated that he chose to stick with the prediction that Bitcoin would eventually reach half of Gold’s market cap because he thinks the present price is a good entry opportunity for long-term investors.
In his opinion, it speaks a lot that BlackRock CEO Larry Fink changed his mind on BTC in such a dramatic way. According to the CEO of BlackRock, over 600,000 client enquiries concerning Bitcoin have been submitted on the company’s website. This, according to Deaton, is crucial.
Last week, the market spiked as investors in cryptocurrencies suddenly changed their outlook from being gloomy about regulations to excited about a potential Bitcoin spot ETF.
BlackRock, the largest asset manager in the world with over $10 trillion in assets, may have contributed to this 180-degree reversal. BlackRock’s stellar track record of getting 575 out of 576 ETF proposals approved has increased the possibility that a Bitcoin spot ETF could materialise.
According to IntoTheBlock, over $1.4 billion in Bitcoin and Ethereum were taken out of centralised exchanges (CEX) last week. The cryptocurrency market had a revival in purchasing activity after the BlackRock Bitcoin spot ETF application, as the market decided to aggressively react in favour.
Gold prices increased with launch of spot ETF
IntoTheBlock explores how the approval of a spot ETF affects Gold prices in a blog post. According to the report, Gold outperformed most other global assets in the years after the debut of the spot ETF in 2003.
Following the launch of the ETF, the price of gold increased by 27% in the first year, 172% in five years, and 369% in ten years.
According to IntoTheBlock’s on-chain data, big players seem to have come back in reaction to the potential for a Bitcoin spot ETF and increasing TradFi participation.
Subsequently, when the quantity of Bitcoin added to addresses that held 0.1% or more of the supply climbed by the most in 2023, large-holder inflows likewise reached annual highs.
