‘Trillions Of Dollars’—Bitcoin Braced For A Massive Earthquake As The Price Of Ethereum, Binance’s BNB, Solana, Cardano And XRP Soar
Bitcoin and cryptocurrency prices have rocketed over the last month, with the combined crypto market surging towards $3 trillion as ethereum, Binance’s BNB, solana, cardano and XRP make double-digit percentage gains. Subscribe now to Forbes’ [...] The post ‘Trillions...
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Bitcoin and cryptocurrency prices have rocketed over the last month, with the combined crypto market surging towards $3 trillion as ethereum, Binance‘s BNB, solana, cardano and XRP make double-digit percentage gains.
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The bitcoin price has climbed from around $45,000 per bitcoin in early October to all-time highs of $67,000 late last month, in part due to the launch of the first U.S. bitcoin futures exchange-traded funds (ETFs). Bitcoin has recently dropped back—despite huge new price targets even as ethereum and its smaller rivals hit fresh highs.
Now, Michael Saylor, a bullish bitcoin buyer, has predicted “trillions of dollars” will flow into bitcoin once the U.S. regulator approves a fully-fledged bitcoin ETF—helping bitcoin replace gold and become the primary asset index for the Western world.
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MORE FROM FORBESCrypto Price Prediction: Bitcoin Could Hit $100,000 Before The End Of 2021-But Lacks Ethereum ‘Intensity’By Billy Bambrough
The bitcoin price has surged through 2021 but much of the crypto market’s gains have come from … [+] ethereum, Binance‘s BNB, cardano, solana, and XRP.
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“To do that, you need the spot ETF,” said Saylor, the chief executive of business intelligence software company Microstrategy, speaking this week at Bloomberg‘s Financial Innovation Summit. “And once these spot ETFs roll, I think you’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them.”
Over the last year, Saylor has pivotted Microstrategy to a bitcoin acquisition vehicle, buying more than 110,000 bitcoins. The value of the company’s bitcoin holdings is around $7 billion, making up almost all of MicroStrategy’s $8 billion market capitalization.
Saylor said he expects a U.S.-based spot bitcoin ETF would act as an institutional on-ramp for investors who want bitcoin exposure, adding he’ll continue buying bitcoin via Microstrategy.
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MORE FROM FORBESJPMorgan Doubles Down On Its Massive Bitcoin Price Prediction-But Adds A Serious WarningBy Billy Bambrough
The bitcoin price has risen more than 300% over the last 12 months, making bitcoin a $1 trillion … [+] asset. However, bitcoin has been left in the dust by ethereum, Binance’s BNB, solana, cardano, and XRP.
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“A melt-up in bitcoin and ethereum into year-end is likelier than retracement, we believe, after 2021 corrections cleansed speculative positions, and with increasing demand and adoption, and declining supply, sustaining a bull market,” Bloomberg Intelligence senior commodity strategist Mike McGlone wrote in his latest market report, pointing to a “tidal wave of U.S. ETFs.”
“The startup of U.S. ETFs and the fact that cryptos counter China bans limit downside risks.”
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