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Bitcoin (BTC) Can Reach $310,000 If This Happens: Willy Woo

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Thu, 29/06/2023 - 11:55
Bitcoin (BTC) Can Reach $310,000 If This Happens: Willy Woo
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Prominent cryptocurrency analyst Willy Woo recently speculated that the price of Bitcoin could reach around $310,000 per coin, given certain market conditions. His calculation is based on the assumption that institutional players like BlackRock, Fidelity, JPMorgan, Goldman Sachs, BNY Mellon, Invesco and Bank of America could decide to allocate 5% of their assets under management (AUM) to Bitcoin.

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Woo elaborated on his theory, stating that the potential increase in Bitcoin's market cap, coupled with the rise in its realized cap, would pave the way for such a price surge. However, he also highlighted that the timing of these institutional investments would have a significant impact on Bitcoin's price trajectory.

"The estimate of $310,000 per Bitcoin really depends on whether these institutional players deploy their investments during a bearish or bullish phase of the market," Woo explained. For a bearish phase, we might see Bitcoin falling to around $128,000, but in a bullish case, BTC should surge to almost $400,000.

These figures were met with some skepticism, particularly around the assumption that these institutions could simply choose to direct a percentage of their AUM toward Bitcoin. Responding to these concerns, Woo clarified that his response was a hypothetical one to a question posed by a user.

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"It's not that simple," Woo said. He explained, emphasizing that asset allocation decisions are not solely determined by these institutions. They act as custodians of their clients' funds, and investment choices ultimately rest with the clients themselves.

He went on to explain that wealth management can be split into two categories: those driven by investor decisions and those at the discretion of the wealth manager. Therefore, any significant move into Bitcoin would likely require approval from these institutions' investors.

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