Bitcoin's Potential Surge to $56K Hinges on BlackRock ETF Approval

Crypto services provider Matrixport predicts that if a BlackRock spot bitcoin exchange-traded fund (ETF) is approved, Bitcoin could rise to as high as $56,000. The conservative estimate is $42,000, assuming 10%-20% of gold ETF investors diversify into a spot bitcoin ETF. Matrixport highlights the potential inflows of $12-24 billion into the Bitcoin ETF, which is relatively conservative compared to the peak market cap of $44 billion for GBTC. The 15,000-strong U.S. registered investor advisor (RIA) community, overseeing around $5 trillion, holds immense potential, and even a modest 1% allocation recommendation for Bitcoin could bring in around $50 billion in inflows. The SEC has delayed several ETF applications, allowing more time for consideration.