By The Daily Hodl - 1 year ago - Reading Time: 2 minutes
BlackRock and Coinbase Deal Could Trigger Bitcoin Burst to $773,000, According to InvestAnswers
A popular crypto analyst is breaking down how the partnership between two financial giants could trigger a Bitcoin (BTC) explosion to $773,000.
Last week, US-based crypto titan Coinbase announced that it teamed up with BlackRock, the biggest asset manager in the world, to bring cryptocurrency trading to wealthy clients.
In a new strategy session, the host of InvestAnswers tells his 443,000 YouTube subscribers that the partnership could boost Bitcoin’s market cap by a trillion dollars at the very least.
“If BlackRock puts 0.5% of their assets under management into Bitcoin using my multiplier which is 21x, that will impact the market cap by $1.05 trillion, which will add about $75,000 to Bitcoin’s price, taking it to $98,000, and an ROI (return on investment) from today’s price is 326%. This is very, very achievable…
Now if they allocate 1%, which of course will take time to get to that level, that would add about $2.1 trillion to the market cap, $150,000 to the price, and that would take the future price of Bitcoin to $173,000, which is a 652% gain from here.
If they add 5%, which is what Dan Tapiero says, I think it’s way too aggressive. Maybe over time, maybe in the next three to five years, that could be possible. That would take the price of Bitcoin to $773,000 in the next three to five years pretty easily.”
Source: InvestAnswers/YouTubeThe crypto strategist’s analysis was inspired by comments from 10T Holdings CEO Dan Tapiero. According to the prominent macro investor, the deal between BlackRock and Coinbase could propel Bitcoin above $250,000,
“Chart that got BlackRock excited about partnership with Coinbase!
No bigger a macro opportunity for BlackRock than acting to facilitate Bitcoin adoption. [A] 5% shift in BLK assets is $500 billion, greater than BTC value today. Catalyst for path to $250,000+ post BTC halving becoming clear.”
Source: Dan Tapiero/TwitterBlackRock currently has $10 trillion in assets under management.
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Original source: The Daily Hodl