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COINTURK NEWS > Bitcoin (BTC) > BlackRock’s Influence on Bitcoin’s Future
Bitcoin (BTC)

BlackRock’s Influence on Bitcoin’s Future

In Brief

  • Bitcoin surged over 7% in the last 24 hours, nearing its peak.

  • BlackRock's interest in Bitcoin could ease its adoption by institutional investors.

  • A potential spot Bitcoin ETF by BlackRock could attract significant investments.

COINTURK NEWS
COINTURK NEWS 1 year ago
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The king cryptocurrency has risen over 7% in the last 24 hours, reaching up to $47,248 and is trading close to its peak. The coming hours are now much more critical, and we will see volatility increase even further before this week is over. So why is BlackRock so important for Bitcoin?

Contents
BlackRock and BitcoinBitcoin Predictions and BlackRock

BlackRock and Bitcoin

BlackRock, known as the giant that lends to governments, is the world’s largest asset manager. It manages a massive amount of assets. This company, which manages over 10 trillion dollars in customer assets, has shown interest in Bitcoin and Ethereum, which will facilitate its adoption by institutional investors.

Asset management companies employ private advisors. For example, if you manage your $20 million asset through BlackRock, you will have a personal advisor who will reach out to you periodically and provide recommendations based on your risk profile and preferences. A significant portion of investors allocate a low percentage of their cumulative investment to risk markets, such as ETFs tracking stocks of emerging countries or companies with low market value.

If BlackRock can obtain approval for a spot Bitcoin ETF, it could reach a massive accredited investor base that has been captivated by the popularity of cryptocurrencies and say, “Now come invest 1% of your assets in our new Bitcoin fund.” As the ETF would be issued by a highly reliable institution (BlackRock), it is expected that investors will show interest.

From this point, if only 1% or even 0.5% of the $10 trillion in assets enters the spot Bitcoin ETF, it would mean billions of dollars in net inflows.

Bitcoin Predictions and BlackRock

In the early days, it was claimed by a VanEck official that BlackRock would attract over $2 billion in net demand, with a significant portion already promised as pre-orders. This could mean that the annual inflows into ETFs, which are expected to reach $50 billion, could go much higher.

The volumes on the first day of the ETF listing, expected on Thursday or Friday, will be extremely critical. If 11 ETFs can achieve a cumulative volume of over $2-3 billion daily, this could lead to massive rallies in cryptocurrencies over the weekend (provided inflation does not come in absurdly high on Friday).

The main psychological barrier for BTC is $50,000, and excitement for new all-time highs is expected to increase above this region. If the expected optimistic scenario materializes, we could see peaks above $60,000 in the coming weeks, continually fueled by institutional demand.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 9 January, 2024 - 2:48 pm 9 January, 2024 - 2:48 pm
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COINTURK NEWS > Bitcoin (BTC) > Bitcoin Pioneer Predicts $1 Million Price Tag
Bitcoin (BTC)

Bitcoin Pioneer Predicts $1 Million Price Tag

In Brief

  • Samson Mow expects Bitcoin to hit $1 million soon.

  • His prediction could disrupt current plans and meetings by 2024.

  • Many nations may start buying Bitcoin frantically, says Mow.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Famous Bitcoin pioneer Samson Mow is confident that the price of the largest cryptocurrency will reach one million dollars in the near future. Mow suggested that this prediction coming true sooner than expected could be extremely painful for some. The Bitcoin pioneer mentioned several scenarios of what could happen if the price were to skyrocket to this level, indicating that Bitcoin could do the most unexpected thing in the most devastating way.

Contents
The Million Dollar Bitcoin PredictionCurrent Bitcoin Price Situation

The Million Dollar Bitcoin Prediction

As the CEO of JAN3, a company dedicated to helping nation-states adopt Bitcoin and Blockchain technology, Mow made interesting predictions that a rapid price increase to one million dollars would derail most plans and meetings set for 2024. He suggested that such a quick rise in price would not leave his company enough time to get nations on board, and from that moment on, up to 50 nation-states might start buying BTC frantically.

Mow added that as a result of such a massive surge, the Bitcoin scaling solution Lightning Network (LN) would not be suitable for anyone without a custodial wallet. He emphasized that fees would be ridiculously high in dollar terms, preventing any new Bitcoin users from conducting transactions on the network using LN.

According to the Bitcoin pioneer, another consequence of the price reaching the target level of one million dollars would be that many transactions would get stuck with unspendable UTXOs (Unspent Transaction Outputs) valued between 500 to a thousand dollars. He claimed that the most painful aspect of reaching the target level so quickly would be the regret of those who missed the opportunity to buy cheaply, saying:

Out of the 8 billion people on this planet, they missed the most significant opportunity to make an economic difference in their lives with Bitcoin. From now on, they will only work to earn BTC. In my opinion, this would probably be the most painful issue.

On the lighter side, the stock-to-flow model will collapse, gold enthusiast Peter Schiff will have a mental breakdown, and MicroStrategy will become one of the world’s most valuable companies.

Current Bitcoin Price Situation

Aside from hard-to-believe price predictions from leading figures like Mow, the largest cryptocurrency is currently trading at $46,553, up 5.75% in the last 24 hours.

The U.S. Securities and Exchange Commission (SEC) is expected to approve at least one of the pending spot Bitcoin ETFs today or tomorrow. Market experts believe that the SEC’s approval could push the price of the largest cryptocurrency above $50,000.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 9 January, 2024 - 2:38 pm 9 January, 2024 - 2:38 pm
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