Bitcoin
BTC
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The bitcoin price is now knocking on the door of its $69,000 per bitcoin all-time high—pushing the ethereum, XRP
XRP
Now, as Tesla billionaire Elon Musk and legendary investor Warren Buffett find surprise common ground on the “true currency,” the chief investment officer at bitcoin asset manager Bitwise has predicted and even “bigger wave” will hit the bitcoin and crypto market in coming months.
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The bitcoin price has surged toward its all-time highs, helping the price of ethereum, XRP and other … [+]
“I think there’s an even bigger wave coming in a few months as we start to see the major wirehouses turn on,” Bitwise’s CIO Matt Hougan told CNBC, adding that so far the interest in spot bitcoin ETFs has come from retail, hedge funds and independent financial advisors.
This week, a record $520 million flowed into BlackRock spot bitcoin ETF in a single day, according to Bloomberg data. BlackRock’s IBIT, the largest new spot bitcoin ETF, has now eclipsed $9 billion in assets under management in the month since its debut, while Fidelity’s FBTC has raked in $6 billion, BitMex Research data showed.
“This has been bitcoin’s IPO moment, bitcoin’s in a new era period of price discovery and I think the bitcoin price could go substantially higher from here,” Hougan said, referring to stock market initial public offerings (IPOs) that allow companies to float shares.
Last week, Carson Group, an Omaha-based registered investment advisory (RIA) platform, approved four of the 10 new spot bitcoin ETFs, green lighting the BlackRock
BLK
BLK
Bitwise’s chief executive Hunter Horsley said bitcoin’s availability on RIA platforms, which manage $114.1 trillion in assets according to the Investment Adviser Association’s 2023 snapshot, could be a “huge catalyst” for fund growth.
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The bitcoin price has seen a huge rally since its 2022 price crash, helping the wider ethereum, XRP … [+]
“We have entered a new era for bitcoin, with its rapid climb this week marking the clear start of the new bull market,” Alex Adelman, the chief executive of bitcoin rewards app Lolli, said in emailed comments.
“Once bitcoin breaks its all time high, we will see an additional wave of interest in bitcoin from retail investors, especially as those who invested in bitcoin in the last few years may have seen their holdings increase by over 400%.”
Meanwhile, attention is turning to bitcoin’s looming April supply cut, known as a halving, that will seen the number of new bitcoin rewarded to so-called miners who maintain the bitcoin network slashed.
“Bitcoin’s scarcity will only increase with the upcoming bitcoin halving,” Adelman said. “Bitcoin’s heightened scarcity, coupled with persistent institutional adoption will very likely drive bitcoin to new and unprecedented price milestones.”