Widely followed on-chain analyst Willy Woo says Bitcoin’s (BTC) price could surge by 10X under one simple condition.
Woo tells his one million Twitter followers that if eight institutions, which are all involved in blockchain and tokenization to varying degrees, put 5% of their assets under management (AUM) into Bitcoin, BTC would be hovering around $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.”
Woo’s comments come following BlackRock and Fidelity’s filings for a spot Bitcoin exchange-traded fund (ETF), which were reportedly deemed inadequate by the U.S. Securities and Exchange Commission (SEC).
The regulatory agency said it returned the filings because it failed to name the Bitcoin ETF with which they were expected to have a surveillance agreement or provide information on how the surveillance agreement would work.
According to Bloomberg senior ETF analyst Eric Balchunas, the response from the SEC is arguably good news.
“Basically [the] SEC wants them to name the ‘crypto exchange’ and give more details on [surveillance agreement]. That’s understandable, arguably good news. I was under [the] impression they’d have to update that as well.”
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