‘Perfect Storm’ can push Bitcoin market over $1 trillion, research reveals
Bitcoin traders and investors have long predicted the established financial service industry’s eventual jump into cryptocurrency.
Wall Street’s highly-anticipated institutional support for bitcoin has so far failed to convincingly materialize, though recent moves from some of the world’s biggest banks suggest it’s coming—slowly but surely.
Now, following hedge fund manager Paul Tudor Jones’ recent foray into bitcoin, researchers have found an aggregate 1% institutional allocation to bitcoin “can easily” bring bitcoin’s total value above $1 trillion—with a “perfect storm” potentially making each bitcoin token worth over $50,000, up from just under $10,000 currently.
“Institutional investors are the white whales of cryptocurrency,” Ryan Watkins, an analyst at bitcoin and crypto research firm Messari, wrote in recent report, adding that, “depending on your assumptions, an aggregate 1% institutional allocation to bitcoin can easily bring bitcoin’s market cap above $1 trillion.”
“Ever so elusive, institutional investment in cryptocurrency has long been considered the most significant barrier between bitcoin and a multi-trillion dollar market capitalization.”
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