Mark Yusko: $30 Trillion and June 15! Here's the Future of Bitcoin! - COINTURK NEWS
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Mark Yusko: $30 Trillion and June 15! Here’s the Future of Bitcoin!

12:15 am (58 days ago)
August 1, 2023

At the time of writing, the unpleasant trend of Bitcoin (BTC) continues to struggle to find direction. It is showing a performance that is prone to further decline. It is concerning that the price has not been able to permanently break through the selling wall at $29,500. Even in slight rises, the sales are filling the upper regions with orders. So what does famous fund manager Mark Yusko think?

Will Bitcoin Rise?

Mark Yusko from Morgan Creek Capital Management declares that the “crypto spring” has already begun and that the approval of a Bitcoin exchange-traded fund (ETF) will be the spark that enlightens the next bull run.

In a new interview with crypto influencer Lark Davis, Yusko says that after believing that the crypto winter had ended a year ago on June 15, he now believes that the “crypto spring” has begun. The famous fund manager has made many overly optimistic statements in the past as well. While looking for market catalysts for an upward trend, Yusko says that a Bitcoin ETF would be extremely positive for BTC and the overall crypto space.

On the other hand, today, Grayscale shared a new announcement regarding the ongoing ETF case. The case will most likely be concluded this year. There will be two possible outcomes:

  • The court forces the SEC to approve the ETF and the markets rise rapidly.
  • Grayscale loses the court that is the biggest obstacle in front of the SEC’s ETF approval and the SEC approves BlackRock’s application. It is not a logical move for the institution to approve the ETF while the case is ongoing. Therefore, the biggest obstacle to approval is the ongoing case.

Spot Bitcoin ETF and BTC Price

Yusko states that BlackRock, the world’s largest asset manager, has an almost 100% success rate in approving ETFs and will continue this trend with the Bitcoin application as well.

In addition, with the approval of the ETF, investment advisors will be able to boldly advise their clients to invest in Bitcoin. Imagine yourself as an institutional investor and an individual qualified investor. What matters to you is what your investment advisor says. Today, investment advisors cannot recommend buying Bitcoin from exchanges because there is no ETF. However, if a spot Bitcoin ETF is approved, investment advisors all over the world will be able to advise their clients to take more risks.

Yusko said this about the matter;

“Of course, this is a good thing. Because it will be approved. BlackRock has made 476 applications and only one was rejected. So this one will be approved. Will it be approved before Bitwise or others? I will say no, and that’s a terrible thing, but I will say that there will be a strange reason for BlackRock to jump to the front of the line. That’s how things work. When you have $10 trillion in assets, you have special privileges.”

The Bitcoin bull says that BlackRock’s ETF could unlock a $30 trillion institutional investor market and allow these investors, who were previously hesitant due to regulatory uncertainty, to access Bitcoin.

“30 trillion dollars. Let’s take one-tenth of a percent. $30 billion. $30 billion out of $600 billion, that’s not much, Mark, that doesn’t do anything. Ah, but there is a limited amount of assets that can be taken. Publicly traded companies have a market cap of around $100-150 billion. $30 billion out of $150 billion? This will definitely move the needle. If we take 1% instead of 10 basis points, that’s $300 billion. $300 billion out of $150 billion, that’s a big number.”

Yusko says he doubts there will be a long line of people waiting to sell when BTC returns to its all-time high. He predicts that there will be much less free float and less selling pressure when Bitcoin reaches the range of $50,000 to $60,000.

“People become more convinced as the price rises that they want to HODL forever and they don’t panic. So if the price returns to $50,000 or $60,000, I think there will be less, not more free float. I don’t think there are a lot of people out there to sell. I think what you see in daily sales is just the same people trading over and over again, bots, high-frequency traders…”

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore the risk associated with cryptocurrencies and should conduct their own research for their transactions.

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  • Aruna
    2 months önce

    Nice work