Bitcoin Could Reach $1 Million and $21 Trillion Market Cap, Analyst Suggests
After rumors falsely claimed that the SEC had approved BlackRock’s spot Bitcoin ETF application, the cryptocurrency market went into a frenzy. BTC surged past $30,000 but quickly plummeted when BlackRock clarified that the ETF was still under review. This led to over $100 million in liquidations within an hour.
Analyst Alessandro Ottaviani has now suggested that BTC could reach $1 million with a market capitalization of over $21 trillion. He estimated that for every dollar that entered the market, BTC’s market cap rose by $100. A former BlackRock Director also predicted that between $150 billion to $200 billion would enter the Bitcoin market within three years after a spot Bitcoin ETF is approved in the US.
A Potential $21 Trillion Market Cap
Ottaviani used the same ratio to theorize that a capital inflow of $200 billion would result in a Bitcoin market cap of $21 trillion, pushing the price to $1 million per coin. However, he acknowledged that as the price rises, more holders may start selling their coins, potentially offsetting some of the gains.
Pent-Up Interest in Crypto
Despite the recent pump and dump incident, BlackRock CEO Larry Fink believes there is pent-up interest in crypto. He stated that clients worldwide have expressed a need for crypto investments. Additionally, Anthony Scaramucci from SkyBridge Capital predicts that Bitcoin’s market cap could reach $15 trillion, a significant increase from its current $540 billion.
Source: CryptoGlobe
Hot Take: Bitcoin’s Potential to Reach $1 Million
An analyst suggests that Bitcoin could potentially reach $1 million and have a market capitalization of over $21 trillion. This comes after false rumors about the SEC approving BlackRock’s spot Bitcoin ETF caused a frenzy in the market. Although the price surge was short-lived, it revealed pent-up interest in crypto investments.
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