March 28, 2024

Analyst: Coinbase and BlackRock partnership could push bitcoin to $770,000

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Analyst: Coinbase and BlackRock partnership could push bitcoin to $770,000

A popular cryptocurrency analyst under the pseudonym InvestAnswers believes that the influx of funds into cryptocurrencies from BlackRock clients could push the BTC rate to $773,000.

Last week, the American cryptocurrencyThe Coinbase exchange and the largest asset management company BlackRock have entered into a partnership within which BlackRock clients will be able to trade cryptocurrencies. At the same time, BlackRock currently manages assets worth over $10 trillion. However, InvestAnswers' calculations are only valid on investments with 21x leverage.

“If BlackRock places 0.5% of your assets in BTC, then, taking into account leverage, Bitcoin’s capitalization will increase by $1.05 trillion, which means an increase in the rate by $75,000. That is, the increase will be 326% of the current price and this, I think, is very likely. If BlackRock clients allocate 1% of their assets, then capitalization will grow by $2.1 trillion, and Bitcoin will reach $173,000. Well, if BlackRock allocates 5% of its assets, as Dan Tapiero believes, then the Bitcoin rate will reach $773,000. Although I I think it’s too aggressive, but maybe within 3-5 years it’s possible,” the analyst said.

Tapiero really talked about placement5% of BlackRock's assets in Bitcoin. But he calculated exactly by assets, without taking into account margin trading. 5% of the company’s assets amount to more than $500 billion, which is more than the capitalization of the first cryptocurrency. And, according to the CEO of 10T Holdings, this “will pave the way for Bitcoin to reach a price of $250,000 per coin.”

A recent survey of institutional investors conducted by Cumberland showed that the majority of respondents expect Bitcoin to rise to $32,000 by the end of the year.