BitcoinBTC has seen a return to its 2021 boom times over the past few weeks (although a huge rise in Bitcoin prices has sparked a dire warning of “massive collateral damage”).
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The price of Bitcoin is now knocking on the door of an all-time high of $69,000 per BTC – pushing Ethereum, XRPXRP and the broader cryptocurrency market past $2.3 trillion – driven by the arrival of Bitcoin exchange-traded funds (ETFs) on Wall Street. A $13.6 trillion earthquake grumbled.
Now, as Tesla billionaire Elon Musk and legendary investor Warren Buffett find surprising common ground on “real currency,” the chief investment officer at bitcoin asset management firm Bitwise predicts, “an even bigger wave” will hit the bitcoin and cryptocurrency market in the coming months. .
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“I think there's a bigger wave coming in a few months as we start to see major wire networks up and running,” Matt Hogan, IT director at Bitwise. Tell CNBCAdding that interest in spot bitcoin ETFs so far has come from retail, hedge funds and independent financial advisors.
This week, a record $520 million flowed into BlackRock's spot bitcoin ETFs in a single day, according to BlackRock.com. Bloomberg Data. BlackRock's IBIT Fund, the largest bitcoin ETF, has now surpassed $9 billion in assets under management in the month since its debut, while Fidelity's FBTC has generated $6 billion, BitMex Research data showed.
“This has been Bitcoin's IPO moment, and Bitcoin is in a new era of price discovery, and I think the price of Bitcoin can go up significantly from here,” Hogan said, referring to stock market initial public offerings (IPOs) that allow companies to float. Stocks. .
Last week, The Carson Group, an Omaha-based registered investment advisory (RIA) platform, approved four out of 10 Bitcoin ETFs, giving the green light to the BlackRockBLKBLK, Fidelity, Bitwise, and Franklin Bitcoin ETFs on its 100% platform. $30 billion, reportedly. by Bloomberg.
The availability of bitcoin on RIA platforms, which manage $114.1 trillion in assets according to the Association of Investment Advisers' 2023 Profile, could be a “huge catalyst” for fund growth, said Hunter Horsley, CEO of Bitwise.
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“We have entered a new era for bitcoin, with its meteoric rise this week marking the clear start of a new bull market,” Alex Adelman, CEO of bitcoin rewards app Lolli, said in email comments.
“Once Bitcoin breaks its all-time highs, we will see an additional wave of interest in Bitcoin from retail investors, especially as those who have invested in Bitcoin in the past few years may have seen their holdings increase by more than 400%.”
At the same time, attention is turning to the looming April supply reduction in bitcoin, known as the halving, which will see a reduced number of new bitcoins rewarded to so-called miners who maintain the bitcoin network.
“Bitcoin scarcity will only increase as the value of Bitcoin halves,” Adelman said. “Bitcoin’s increasing scarcity, coupled with continued institutional adoption, will likely push Bitcoin to new and unprecedented price milestones.”
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