BlackRock and Coinbase Deal Could Trigger Bitcoin Burst to $773,000, According to InvestAnswers
A popular cryptocurrency analyst is analyzing how a partnership between two financial giants could trigger Bitcoin (BTC) to explode to $773,000.
Last week, U.S.-based cryptocurrency giant Coinbase announced a partnership with BlackRock, the world’s largest asset manager, to bring cryptocurrency trading to wealthy clients.
In a new strategy session, the host of InvestAnswers told his 443,000 YouTube subscribers that the partnership could boost Bitcoin’s market cap by at least $1 trillion.
“If BlackRock were to put 0.5% of its assets under management into Bitcoin using my 21x multiplier, that would impact a market cap of $1.05 trillion, which would add about $75,000 to Bitcoin’s price, bringing it to $98,000, And the ROI (return on investment) is 326% from today’s price. It’s very, very achievable…
Now, if they allocate 1%, which of course will take time to get to this level, it will add about $2.1 trillion to the market cap and $150,000 to the price, which will give Bitcoin a future price of $173,000, which is a bit of a move from here Gain 652%.
If they increase by 5%, which is what Dan Tapiero said, I think that’s too aggressive. Maybe over time, maybe in the next three to five years, that’s possible. This would easily push the price of Bitcoin to $773,000 over the next three to five years. “
The crypto strategist’s analysis was inspired by comments from 10T Holdings CEO Dan Tapiero. A deal between BlackRock and Coinbase could push Bitcoin above $250,000, according to prominent macro investor,
“This chart has BlackRock excited about the partnership with Coinbase!
For BlackRock, there is no bigger macro opportunity than taking action to boost Bitcoin adoption. [A] A 5% transfer of BLK assets is $500 billion, which is higher than the value of BTC today. Catalyst for BTC to reach above $250,000 after halving becomes clear. “
BlackRock currently manages $10 trillion in assets.
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