News

February 13, 2024

Bitcoin Price Prediction: Wall Street Demand and Growing Interest in Bitcoin Drive Price Surge

Priya Sharma
Written byPriya SharmaWriter
Researched byNikos PapadopoulosResearcher

VC investor and Bitcoin podcaster Anthony Pompliano has made a bold prediction about the future price of Bitcoin. Contrary to popular belief, Pompliano believes that the recent surge to $50,000 is not the end for the flagship cryptocurrency. In fact, he asserts that the price of Bitcoin has to go even higher.

Bitcoin Price Prediction: Wall Street Demand and Growing Interest in Bitcoin Drive Price Surge

Wall Street's Increasing Demand

According to Pompliano, the reason behind this prediction is the increasing demand from Wall Street funds. As Bitcoin continues to rise, bitcoiners will start selling their BTC, and Wall Street funds will eagerly scoop up the digital asset to satisfy their growing demand. This trend has been observed recently, with Bitcoin ETFs absorbing a significant amount of BTC produced daily.

The Halving Event

Interestingly, Pompliano did not mention the upcoming Bitcoin halving event, which will reduce the number of Bitcoins produced daily by half. Despite this event, experts believe that Bitcoin ETFs will continue to acquire more Bitcoin each day. In fact, Bitcoin ETFs launched by BlackRock and Fidelity have already seen record-breaking inflows of over $3 billion in just one month of trading.

Bitcoin as Wall Street's Favorite Asset

Pompliano's prediction aligns with the growing interest in Bitcoin among Wall Street institutions. The world's leading cryptocurrency has become a favorite asset for financial institutions, and more are expected to launch spot-based exchange-traded funds in the near future. These ETFs allow holders to use Bitcoin as collateral and gain access to credit and leverage in traditional markets. As more institutions understand this, the liquidity flowing into Bitcoin ETFs is expected to increase significantly.

In conclusion, Anthony Pompliano predicts that the price of Bitcoin will continue to rise beyond $50,000. The increasing demand from Wall Street funds and the growing interest in Bitcoin as a favorite asset among financial institutions support this prediction. Despite the upcoming halving event, Bitcoin ETFs are expected to acquire even more Bitcoin, further driving up its price. Investors should consider these factors when making investment decisions in the cryptocurrency market.

About the author
Priya Sharma
Priya Sharma
About

Mumbai-born Priya is India's rising star in the realm of online casino guides. With a knack for fusing traditional Indian gaming narratives with cutting-edge digital dynamics, she's an essential bridge between classic and contemporary gaming for a vast Indian audience.

Send mail
More posts by Priya Sharma

Latest news

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate
2024-02-16

Shibarium: Thriving Community, Impressive Growth, and Increased SHIB Burn Rate

News