According to the latest Bitcoin price predictions, it seems that the price of the most important digital asset is set to double in the near future. Check out the latest reports about this below.
Bitcoin’s price is set to double
At the moment of writing this article, Bitcoin is trading in the red, and the king coin is currently trading at $45,835.
Meltem Demirors, the Chief Strategy Officer (CSO) of CoinShares, has expressed optimism about the future of Bitcoin (BTC) following the approval of a spot exchange-traded fund (ETF) in the United States.
She recently stated in an interview with CNBC that Bitcoin’s price could potentially rise to a minimum of $100,000 due to the possible influx of new capital into the cryptocurrency market.
“I think we can reasonably estimate that if we just look at the retirement accounts in the US, $34 trillion pie, if even 0.5% of that gets allocated over the first two years into Bitcoin, that’s a huge uptick from current assets under management.
So I think even just looking at the global investable asset base, growing acceptance of Bitcoin as an asset class and also growing sentiment that the 60/40 portfolio (allocating 40% of a portfolio to fixed income assets and 60% to stocks) is not relevant anymore.
I think it’s a strong sort of indicator that we could see potentially material flows orders of magnitude anywhere from $25 to $100 billion in year one…
I think we’re going over six figures by the end of the year.”
It is also important to note the fact that in order to reach Demirors’ 2024 price target of $100,000, it would need to appreciate by 112% or slightly more than double its current value.
According to CoinShares CSO, over two-thirds of the assets under management (AUM) in existing crypto exchange-traded products are invested in Bitcoin.
“So as of today there’s $53 billion of AUM globally in crypto exchange-traded products. So these are structured Products that trade as trackers effectively…
$53 billion of AUM, about 75% of that, $38 billion, is Bitcoin.”
