GOLD - Bitcoin ETFs Could Propel King Crypto Above Gold's Market Cap Says Analyst: 'These Are Very Conservative Numbers' | Benzinga
Renowned cryptocurrency analyst Willy Woo has projected that the introduction of Bitcoin ETFs could potentially drive Bitcoin’s (CRYPTO: BTC) price to surpass that of gold.
What Happened: In a tweet on Monday, Woo outlined his predictions for Bitcoin’s future performance in light of the recent introduction of Bitcoin ETFs. He suggested that once ETF investors have fully deployed, Bitcoin could reach price targets of $91k at the bear market bottom and $650k at the bull market top. He emphasized that these are conservative estimates and that Bitcoin is likely to exceed gold’s market cap once ETFs have completed their role.
The new #Bitcoin ETFs brings price targets of $91k at the bear market bottom and $650k at the bull market top once ETF investors have fully deployed according to asset manager recommendations***. — Willy Woo (@woonomic) April 15, 2024
These are very conservative numbers. #Bitcoin will beat gold cap when ETFs have…
Woo’s calculations are based on the assumption that asset managers, who manage $100T, will allocate 2% of their funds to Bitcoin, resulting in a $2T allocation. He also factored in Bitcoin’s current ...