Bitcoin To Cross $100000 By 2024 End Riding On The Back Of $100B In Potential Inflows, Says CoinShare's Meltem Demirors
Portfolio Pulse from Rounak Jain
CoinShare's Meltem Demirors predicts Bitcoin could reach $100,000 by the end of 2024, anticipating $100 billion in inflows following the approval of a spot Bitcoin ETF. Demirors highlighted the ease of investing in cryptocurrencies through ETFs and the potential for significant investment from retirement accounts. Goldman Sachs also sees benefits in Bitcoin ETFs, including investor protection and better liquidity. The first day of trading after ETF approval saw $4.5 billion in volume, with contributions from Grayscale Bitcoin Trust and BlackRock.
January 13, 2024 | 7:58 am
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POSITIVE IMPACT
BlackRock Inc. contributed to the $4.5 billion trading volume on the first day after Bitcoin ETF approval, which may reflect positively on BLK's involvement in the cryptocurrency space.
BlackRock's involvement in the trading volume post-ETF approval suggests a positive impact on BLK's image as a participant in the cryptocurrency market, potentially attracting more investors.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Grayscale Bitcoin Trust saw significant trading volumes on the first day after Bitcoin ETF approval, indicating high investor interest which could lead to increased demand for GBTC shares.
The article mentions significant trading volumes for Grayscale Bitcoin Trust following the ETF approval, which could result in increased demand for GBTC shares in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Goldman Sachs Group Inc. sees benefits in Bitcoin ETFs, including investor protection and better liquidity, which could enhance GS's reputation as a thought leader in investment banking.
Goldman Sachs' positive stance on Bitcoin ETFs may improve its reputation for innovation and forward-thinking in financial products, potentially attracting clients interested in cryptocurrency investments.
CONFIDENCE 65
IMPORTANCE 50
RELEVANCE 50