Exchange Traded Funds (ETF) Can Bring Bitcoin to a Price of 35 Thousand Dollars
According to analytical studies devoted to cryptocurrencies, the price of BTC can increase up to 35 thousand US dollars. This is due to the appearance of exchange funds for Bitcoin.
Well-known investors, including Ari Paul, co-founder of BlockTower, said that the next growth of the digital asset will be initiated by institutional investors by the end of this year. Paul also noted that the last barrier preventing the going of institutional investors into the cryptocurrency market is the lack of reliable trusteeship, as well as a set of institutional products for cryptocurrencies.
The entry of institutional investors into the cryptocurrency market is not the only way to increase the mass values of large digital assets, including bitcoins. The emergence of publicly traded instruments, including exchange-traded funds, can help increase the price of the asset.
Of course, for today, the market is in a bad correction. This is the third time since 2014. The price of cryptoasset has decreased by 65% from the record highs. Retail investors began to be more pessimistic about the state of the market.
Michael Stratton, who is the general manager of IronWood, also commented on the current situation. In his opinion, if the exchange funds (ETF) are approved by the SEC, anyone who has investment accounts with brokers such as Fidelity and Ameriprise Financial will be able to invest in cryptocurrency of bitcoin without problems.
Twin brothers Winklewoss, who now own a large crypto exchange Gemini, are also working on their stock exchange.