XRP holders' attorney John Deaton poses an interesting question to his over 276,300 Twitter followers on the Bitcoin price.
He asked whether they believed Bitcoin's market cap might someday reach half that of Gold. Deaton noted that if this occurs, the price of Bitcoin may increase to $300,000, which would be almost 10 times higher than its present value.
At the time of writing, the price of one Bitcoin was $30,672. The CryptoLaw founder added that he decided to go with the forecast that Bitcoin might attain half of Gold's market cap due to his belief that the current price is an attractive entry point for long-term investors.
He added that the fact that Larry Fink, BlackRock's CEO, made a 180° turn regarding BTC says a lot. Over 600,000 customer inquiries about Bitcoin were made on the BlackRock website, according to the CEO of BlackRock. Deaton maintains that this is important.
The market experienced a jump last week as cryptocurrency investors quickly turned from pessimistic about regulations to optimistic about a prospective Bitcoin spot ETF.
This 180-degree turn may have been caused in part by BlackRock, the largest asset manager in the world with over $10 trillion in assets. The likelihood that a Bitcoin spot ETF might be achieved has been revived by BlackRock's great track record of having 575 out of 576 ETF applications approved.
Over $1.4 billion in Bitcoin and Ethereum were withdrawn from centralized exchanges (CEX) last week, according to IntoTheBlock. Following the BlackRock Bitcoin spot ETF application, the cryptocurrency market saw a resurgence in buying activity as the market chose to aggressively respond in favor.
Gold prices increased with launch of spot ETF
In a blog post, IntoTheBlock examines how approving a spot ETF affected Gold prices. It stated that after the spot ETF's launch in 2003, Gold outperformed the majority of other global assets in the years that followed.
The price of Gold grew by 27% in the first year following the ETF's debut, by 172% in five years and by 369% in 10 years.
On-chain analysis by IntoTheBlock indicates that large players appear to have returned in response to the possibility of a Bitcoin spot ETF and increased TradFi participation.
Large-holder inflows also attained yearly highs subsequently, as the amount of Bitcoin added to addresses that owned 0.1% or more of the supply increased by the most in 2023.