Pro-XRP advocate predicts Bitcoin (BTC) will hit $300,000, here's why. John Deaton, a renowned lawyer who represents XRP holders, brought an interesting perspective on the future price of Bitcoin (BTC) by comparing its market capitalization to that of gold. With a significant following of more than 276,300 Twitter followers, Deaton raises the question of whether Bitcoin could reach a market capitalization of half that of gold, which could send its price to around $300,000 – nearly ten times its current value. This forecast is based on Deaton's belief that Bitcoin's current price presents an attractive opportunity for long-term investors. He also points to the growing interest in Bitcoin, demonstrated by the large number of requests for information received on BlackRock's website and the involvement of the world's largest asset manager in cryptocurrencies.
Optimism Around Bitcoin Regulation and a Possible ETF:
Last week saw a significant shift in sentiment regarding cryptocurrency regulation, with optimism beginning to replace pessimism. This shift was fueled by the possible approval of an exchange-traded fund (ETF) for Bitcoin.
BlackRock's involvement in this discussion further reinforced the positive sentiment, given its impressive track record in securing approvals for ETFs. With $10 trillion in assets under management, BlackRock's interest has revived market enthusiasm for a Bitcoin ETF.
Data provided by IntoTheBlock reveals significant fund movement in response to BlackRock's Bitcoin ETF request. Over $1.4 billion in Bitcoin and Ethereum have been withdrawn from centralized exchanges (CEX). This significant buying activity indicates a positive market reaction to the possible approval of the ETF. To understand the potential impact of a Bitcoin ETF, IntoTheBlock conducted an analysis comparing it to the introduction of a gold ETF in 2003. The findings showed that gold outperformed many other global assets in subsequent years, with prices increasing by an impressive 369% over a decade. This demonstrates the potential for significant growth in the context of an ETF.