Bitcoin price could go way up, even up to $35,000. This forecast is associated with the active development of ETF exchange-traded funds.
Well-known investors, in particular, Ari Paul, who is the co-founder of the BlockTower cryptocurrency fund, note that the next medium-term BTC rally is likely to be triggered by the arrival of institutional investors and this may happen by the end of this year.
According to Ari Paul, the last factor holding institutional investors from entering the cryptocurrency market is the lack of effective solutions for storing and managing digital assets. In addition, the investor added that institutional capital began to leak into the crypto sphere as early as mid-2017, but this process is much slower than many expected. At present, there are quite a lot of elements that need to be put together in order to achieve the set goal, in particular, it is about the operation of third-party storages.
Paul noted that the issue of storing crypto-savings requires a serious approach. Do not be mistaken that, for example, the Coinbase exchange will suddenly announce the launch of such a service and immediately attract the attention of pension funds and they will begin to invest $ 100 million in BTC. It takes time for certain custodian decisions to be trusted. Personally, Paul suggests that by the end of September reliable third-party storage will appear.
At the same time, Michael Strutton, CEO of IronWood, said that if 24 million US investors become available to the ETF, and they are joined by another 14 million investors from other countries, then market capitalization will be $84 billion and $336 billion respectively. Over the past 6 months, BTC’s market capitalization has dropped from $326 to $110 billion. The increase in market capitalization by $420 billion will result in the Bitcoin price being approximately $26,000-$44,000.