Demand for Bitcoin could rocket to previously unseen levels if BlackRock secures a “game-changing” ETF, it has been predicted.
The world’s largest asset manager filed an application for a Bitcoin exchange-traded fund last week which has the potential to serve as a catalyst for a Bitcoin boon.
After reaching an all-time high of over $65,000 in November 2021, Bitcoin has taken a tumble back to lows of under $17,000 before recovering slightly in recent months.
But news of institutional interest has sent the price spiralling to over $30,000 in the last week, with experts now eyeing $100,000 and beyond by 2024.
Standard Chartered analyst Geoff Kendrick declared the crypto winter “finally over” in a note to investors, joining a wave of warming sentiment towards the cryptocurrency.
Writing in The Motley Fool, RJ Fulton said: “The potential influx of institutional investors could create an unprecedented level of demand, propelling Bitcoin’s price to new heights and reshaping the dynamics of the entire market.
“It could have a profound impact on the future of Bitcoin and the crypto industry as a whole.”
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