CoinShares’ chief strategy officer (CSO) Meltem Demirors is expressing bullish sentiment on Bitcoin (BTC) amid the approval of a spot exchange-traded fund (ETF) in the United States.
Demirors says in a new CNBC interview that Bitcoin could surge to at least $100,000 amid the potential injection of new capital into the asset class.
“I think we can reasonably estimate that if we just look at the retirement accounts in the US, $34 trillion pie, if even 0.5% of that gets allocated over the first two years into Bitcoin, that’s a huge uptick from current assets under management.
So I think even just looking at the global investable asset base, growing acceptance of Bitcoin as an asset class and also growing sentiment that the 60/40 portfolio (allocating 40% of a portfolio to fixed income assets and 60% to stocks) is not relevant anymore.
I think it’s a strong sort of indicator that we could see potentially material flows orders of magnitude anywhere from $25 to $100 billion in year one…
I think we’re going over six figures by the end of the year.”
Bitcoin is trading at $47,132 at time of writing and would have to appreciate by 112% or slightly over 2x to reach Demirors’ 2024 $100,000 price target.
According to the CoinShares CSO, more than two-thirds of the current assets under management (AUM) in existing crypto exchange-traded products invest in Bitcoin.
“So as of today there’s $53 billion of AUM globally in crypto exchange-traded products. So these are structured Products that trade as trackers effectively…
$53 billion of AUM, about 75% of that, $38 billion, is Bitcoin.”
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The post Bitcoin To Surge 2x Amid Potential Inflows of up to $100,000,000,000, Says Meltem Demirors – Here’s the Timeline appeared first on The Daily Hodl.
