It has been just revealed that the price of Bitcoin is able to hit $310,000 if institutions make a single move. Check out the latest reports below.
Bitcoin price to hit $310k
According to respected on-chain analyst Willy Woo, there is a possibility of Bitcoin’s (BTC) price increasing by 10 times, given a specific condition.
Woo has expressed to his one million Twitter followers that if eight institutions, all having varying levels of involvement in blockchain and tokenization, invest 5% of their assets under management (AUM) into Bitcoin, BTC could reach a price point of approximately $310,000.
“What would price do if these guys put 5% of AUM into BTC?
My calculations estimate around ~$310,000 per coin.”
Woo says BTC’s price could go as high as $398,000, but it would depend on the timing of the capital deployment.
“It would really depend on whether they deploy in a bearish or bullish phase of the market but the range would be between $128,000 – $398,000. Right now it’s $310,000.
Methodology is via measuring market cap increase vs realised cap increase.”
It has been reported that the U.S. Securities and Exchange Commission (SEC) has deemed the recent Bitcoin exchange-traded fund (ETF) filings by BlackRock and Fidelity as inadequate.
Woo has commented on this matter, stating that the filings were returned by the regulatory agency due to the failure to provide necessary information such as the name of the Bitcoin ETF and details on the surveillance agreement.
