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- Attorney John Deaton, representing XRP holders, poses an intriguing inquiry regarding Bitcoin’s future price.
- Larry Fink, CEO of BlackRock, has stirred the cryptocurrency market with his revised viewpoint on Bitcoin.
- Last week, the cryptocurrency market witnessed a significant change in sentiment, shifting from pessimism to optimism.
Recently, attorney John Deaton engaged his large Twitter audience of over 276,300 followers by asking a compelling question about Bitcoin’s potential future market capitalization.
Deaton inquired whether Bitcoin could ultimately reach a market cap that is half that of gold. He suggested that if this were to happen, Bitcoin’s price could soar to $300,000, which is nearly ten times its current valuation.
Do you believe #Bitcoin will reach 1/2 the market cap of #Gold one day?
If it does, the price would reach 300K. That’s 10X from today’s price.— John E Deaton (@JohnEDeaton1) June 24, 2023
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Could Bitcoin reach $300,000?
As of this writing, BTC was priced at $30,672 per coin. Deaton elaborated that he arrived at this forecast because he considers the current price to be an appealing entry point for long-term investors. He also pointed out the notable change in sentiment from BlackRock’s CEO, Larry Fink, who previously held a different view on Bitcoin but now seems to have altered his stance.
Fink’s recent remarks and the subsequent increase in customer inquiries about Bitcoin on the BlackRock website have caught Deaton’s attention.
The cryptocurrency market saw a significant rise last week, as investor sentiment quickly transitioned from pessimism regarding regulations to optimism about the potential approval of a Bitcoin spot ETF. This rapid shift in sentiment may have been partially influenced by BlackRock’s actions, the largest asset manager globally with over $10 trillion in assets.
BlackRock’s history of having 575 out of 576 ETF applications approved has rekindled hopes for a Bitcoin spot ETF. Last week, more than $1.4 billion worth of BTC and Ethereum were withdrawn from centralized exchanges (CEX), according to IntoTheBlock. Following the announcement of BlackRock’s Bitcoin spot ETF application, the cryptocurrency market experienced renewed buying momentum as market participants responded positively to the news.
