Bitcoin ETFs Could Propel King Crypto Above Gold's Market Cap, Says Analyst: 'These Are Very Conservative Numbers'
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 16 2024
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Source: Benzinga
- Bitcoin Price Projection: Analyst Willy Woo predicts Bitcoin's price could surpass gold with the introduction of Bitcoin ETFs, reaching $91k at the bear market bottom and $650k at the bull market top.
- ETF Impact: Woo's calculations are based on asset managers allocating 2% of their $100T funds to Bitcoin, potentially resulting in a $2T allocation, exceeding gold's market cap.
- SEC Approvals: The SEC approved applications for various Bitcoin entities, including Grayscale Bitcoin Trust GBTC, Bitwise Bitcoin ETF BITB, Hashdex Bitcoin ETF DEFI, Valkyrie Bitcoin Fund BRRR, ARK 21Shares Bitcoin ETF ARKB, among others.
- Market Cap Comparisons: Gold's estimated market cap is nearly $16.1 trillion, while Bitcoin's current market capitalization is $1.2 trillion, set to rise to $12.8 trillion at $650,000 per coin.
- Recent Trends: Bitcoin ETFs have seen significant trading volumes, with $111 billion traded in March alone, but recent price drops led to $83M net outflows in spot Bitcoin ETFs.
Analyst Views on ARKB
Wall Street analysts forecast ARKB stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ARKB is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
