In a recently conducted analysis, popular cryptocurrency analyst Willy Woo has revealed he believes that the flagship cryptocurrency Bitcoin ($BTC) could see its price rise by a factor of ten under a singular condition, meaning one BTC would trade above $300,000.
Woo, who shares his analysis with a following of over one million users on the microblogging platform Twitter, noted that if eight institutions that are already to varying degrees involved in the blockchain and tokenization space move 5% of their assets under management (AUM) to Bitcoin, the cryptocurrency’s price would surge to $310,000.
Woo, however, added a caveat as he said that the actual pinnacle that Bitcoin’s price could scale was contingent on the timing of the capital deployment. Per his words the range would “depend on whether they deploy in a bearish or bullish phase of the market,” with the price range variying between $128,000 and $398,000.
Woo’s words comes as major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.
These financial behemoths, which include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are “actively working to provide access to Bitcoin and more,” according to CoinShares’ Chief Strategy Officer Meltem Demirors.
BlackRock, the world’s largest asset manager, took a pioneering leap on June 16 with a spot Bitcoin exchange-traded fund application, seemingly igniting a domino effect as peers rushed to file similar applications.
The market responded with a flurry of activity that saw the price of the flagship cryptocurrency Bitcoin hit a new high for the year above the $31,000 mark, before enduring a slight correction to now trade at $30,600.
Late last year, Woo commented on bullish $1 million BTC price predictions that have been made over the past several months, including from former Goldman Sachs executive Raoul Pal and from an Ark Invest analyst. Per his word,s Bitcoin could become a “true challenger to fiat, thus it’s a price range where fiat collapses.”
Featured image via Unsplash.
