A senior exchange-traded fund (ETF) analyst from Bloomberg has suggested that a potential $150 billion influx of capital into the Bitcoin ($BTC) market could occur over the next couple of year, contingent on the green light for BlackRock\u2019s proposed spot Bitcoin ETF.<\/p>\n
During a recent interview with journalist Paul Barron, Bloomberg analyst Eric Balchunas said that BlackRock\u2019s spot Bitcoin ETF could amplify Bitcoin\u2019s prominence amongst mainstream finance professionals, noting that with a BlackRock ETF \u201cthat\u2019s primetime.\u201d<\/p>\n
https:\/\/youtube.com\/watch?v=WkKxfq-oq5M%3Ffeature%3Doembed<\/p>\n
He further analogized the significance by equating BlackRock and Vanguard\u2019s ETFs to IBM\u2019s once unassailable reputation in the corporate world, saying that brokers and financial advisors 30 years ago \u201ccould never get fired for buying IBM\u201d as it was a good company, meaning clients weren\u2019t going to be dissatisfied with the move.<\/p>\n
Balchunas further analogized that now financial professionals \u201ccan\u2019t get fired for buying a BlackRock or Vanguard ETF. It\u2019s just too good a deal. It\u2019s just too bulletproof.\u201d The base of Balchunas\u2019 $150 billion projects comes from the current valuation of gold ETFs, and from the vast sums handled by money managers in the US.<\/p>\n
Per his words, advisors and wealth managers have $30 trillion under their control \u201cfor the rich boomers of America basically.\u201d He noted that if just 0.5% of that capital is allocated to the flagship cryptocurrency, it means over $150 billion.<\/p>\n
As CryptoGlobe reported, a popular crypto market analyst has recently suggested that a key BTC metric suggests that institutional investors may have to fight over just 5% of the flagship cryptocurrency\u2019s supply, which could send prices exponentially higher.<\/p>\n
Per the analyst, 95% of all Bitcoin in circulation hasn\u2019t moved over the past month. The analyst cited data from crypto analytics firm Glassnode to back his statement.<\/p>\n