Renowned financial advisor Ric Edelman has made a bold prediction about the future of Bitcoin BTC/USD, suggesting that the cryptocurrency could reach a staggering $420,000.
What Happened: Edelman, the founder of the Digital Assets Council of Financial Professionals, recently shared his forecast in an interview with Yahoo Finance's "Wealth." He based his prediction on the potential impact of planned allocations from financial advisors, which could drive up the price of Bitcoin.
Edelman’s analysis suggests that if 1% of the world’s $740 trillion in financial assets were to be invested in Bitcoin, it could result in $7.4 trillion in inflows, ultimately raising the price of Bitcoin to $420,000.
“If everybody who owns those assets were to simply allocate 1% to Bitcoin, that would represent a market cap of $7.4 trillion that translates to 420 grand per Bitcoin,” he said
See Also: Top Trader Ditches Bitcoin For Altcoins, ‘Dogecoin Killer’ Shiba Inu’s Potential Breakout And More
Why It Matters: The prediction from Edelman comes at a time when Bitcoin has been a topic of intense debate. Just a few days ago, well-known economist and Bitcoin critic Peter Schiff tried to downplay Bitcoin’s recent surge, highlighting its underperformance relative to silver. However, Edelman’s prediction suggests a very different future for the cryptocurrency.
Moreover, Edelman’s forecast aligns with the growing interest in Bitcoin among institutional investors. Just a few days ago, Anthony Scaramucci, the founder of SkyBridge Capital and a former ally of ex-President Donald Trump, predicted that more pension funds will soon include Bitcoin in their investment portfolios.
Despite the ongoing debates about Bitcoin’s future, its popularity continues to grow. As the Bitcoin price surges, investors who have lost access to their accounts are turning to crypto wallet recovery firms in droves.
The cryptocurrency market rallied handsomely on Monday over increased odds of approval of spot Ethereum ETH/USD ETFs, with Bitcoin coming close to breaking its all-time highs.
Price Action: Bitcoin is currently trading at $70,846, marking a 0.82% decrease in the last 24 hours. Despite this short-term dip, the King Crypto has seen a remarkable 60.39% increase in value since the beginning of the year, according to the data from Benzinga Pro.
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
