Meltem Demirors, the chief strategy officer (CSO) of CoinShares, is optimistic about Bitcoin’s future price amid the approval of a spot exchange-traded fund (ETF) in the US. In a recent CNBC interview, Demirors suggests that Bitcoin could reach at least $100,000 as new capital enters the asset class.
Demirors highlights the potential for significant inflows into Bitcoin from retirement accounts in the US alone, which have a total value of $34 trillion. Even if only 0.5% of that amount is allocated to Bitcoin over two years, it would lead to a substantial increase in assets under management.
Furthermore, growing acceptance of Bitcoin as an asset class and a shift away from traditional portfolio allocations could also contribute to increased investment in Bitcoin. Demirors predicts that the cryptocurrency could attract anywhere from $25 to $100 billion in inflows within the first year alone.
Potential for Six-Figure Bitcoin Price by Year-End
Bitcoin is currently trading at $47,132, and according to Demirors’ projections, it would need to appreciate by over 112% or double in value to reach the $100,000 price target by 2024. She also notes that more than two-thirds of existing crypto exchange-traded products’ assets under management are invested in Bitcoin.
The global assets under management for crypto exchange-traded products currently stand at $53 billion. Out of this total, approximately 75% or $38 billion is allocated to Bitcoin. These figures indicate the dominant position of Bitcoin within the cryptocurrency market.
Hot Take: Bullish Outlook on Bitcoin
Meltem Demirors, the CSO of CoinShares, believes that Bitcoin has significant potential for growth and could reach $100,000. She points to the approval of a spot ETF in the US as a catalyst for increased investment in the asset class. With retirement accounts in the US alone valued at $34 trillion, even a small allocation to Bitcoin could lead to substantial inflows. Additionally, the growing acceptance of Bitcoin as an asset class and changing portfolio allocations further support Demirors’ bullish outlook. While Bitcoin would need to appreciate by over 100% to reach $100,000, Demirors predicts that it could attract billions of dollars in inflows within the first year.
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