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Bitcoin To Cross $100000 By 2024 End Riding On The Back Of $100B In Potential Inflows, Says CoinShare’s Meltem Demirors – BlackRock (NYSE:BLK)



King of cryptocurrency Bitcoin BTC/USD could be on track to hitting the $100,000 mark, according to CoinShare’s chief strategy officer Meltem Demirors.

What Happened: Demirors’ prediction is based on expectations of potential inflows of up to $100 billion post the spot Bitcoin ETF approval.

In an interview with CNBC, Demirors expressed her excitement now that investors have an easy way to plough money into cryptocurrencies.

“Everyone was ecstatic. We’ve been idiotically pursuing this idea, this vision of creating an easy way for investors to access Bitcoin through a cost-efficient vehicle that can be traded right in a brokerage account,” Demirors said.

See Also: BlackRock CEO Larry Fink: ‘I’m A Big Believer,’ Sees Value In Having Ethereum ETFs

With these ETFs now making it easier than ever before for investors to take exposure to Bitcoin, Demirors is hopeful that a larger pie of funds will flow in.

“I think we can reasonably estimate that if we just look at the retirement accounts in the U.S., a $34 trillion pie, if even 0.5% of that gets allocated over the first two years into Bitcoin, that’s a huge uptick from current assets under management,” she said.

She said that the ETF approval has changed the dynamics of traditional investment thesis, wherein people split their investments between fixed income assets and equities.

“I think it’s a strong sort of indicator that we could see potentially material flows orders of magnitude anywhere from $25 to $100 billion in year one.”

“I think we’re going over six figures by the end of the year.”

Why It Matters: Demirors’ sentiments echo those of the analysts at investment bank Goldman Sachs, who have noted that the ETF launch will benefit investors.

In a note seen by CoinDesk, the benefits of Bitcoin ETFs according to Goldman Sachs Group Inc.’s GS include “investor protection afforded by ETFs, better liquidity compared to BTC access via private funds.”

The first day after Bitcoin ETF approval saw $4.5 billion in trading volumes, with significant contributions from the Grayscale Bitcoin Trust GBTC and BlackRock Inc. BLK.

Read Next: Goldman Sachs’ Investment Chief Thinks ETF Doesn’t Make Bitcoin An Investment: ‘If You Want To Go To Las Vegas, Great’

Photo: Courtesy Roy Buri via Pixabay.



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