- XRP holders’ attorney, John Deaton, raises an intriguing question about the future price of Bitcoin.
- BlackRock’s CEO, Larry Fink, has caused a stir in the cryptocurrency market with his change in stance on Bitcoin.
- Last week, the cryptocurrency market experienced a significant shift in sentiment, from pessimism to optimism.
Attorney John Deaton recently engaged with his substantial Twitter following of over 276,300 users by posing a thought-provoking question regarding the potential future market cap of Bitcoin.
Deaton questioned whether Bitcoin could eventually achieve a market cap that is half the size of gold. He speculated that if this were to occur, the price of Bitcoin could reach $300,000, nearly ten times its current value.
Do you believe #Bitcoin will reach 1/2 the market cap of #Gold one day?
If it does, the price would reach 300K. That’s 10X from today’s price.— John E Deaton (@JohnEDeaton1) June 24, 2023
Could Bitcoin reach $300,000?
At the time of writing, BTC was trading at $30,672 per coin. Deaton further explained that he arrived at this projection because he views the current price as an attractive entry point for long-term investors. He also highlighted the significant shift in sentiment from BlackRock’s CEO, Larry Fink, who had previously held a different stance on Bitcoin but now appears to have changed his perspective.
Fink’s recent comments and the subsequent surge in customer inquiries about Bitcoin on the BlackRock website have not gone unnoticed by Deaton.
The cryptocurrency market experienced a notable upswing last week, as investor sentiment swiftly shifted from pessimism surrounding regulations to optimism regarding the potential approval of a Bitcoin spot ETF. This sudden change in sentiment may have been influenced, in part, by the actions of BlackRock, the world’s largest asset manager with over $10 trillion in assets.
BlackRock’s track record of having 575 out of 576 ETF applications approved has revived the possibility of a Bitcoin spot ETF. Last week, over $1.4 billion worth of BTC and Ethereum were withdrawn from centralized exchanges (CEX), according to IntoTheBlock. Following the news of BlackRock’s Bitcoin spot ETF application, the cryptocurrency market witnessed renewed buying activity as market participants reacted favorably to the development.
