John Deaton, the lawyer representing XRP holders, recently ignited a discussion on Twitter that delved into the vast potential of Bitcoin. He posed an intriguing question, contemplating whether the cryptocurrency could one day rival the market capitalization of gold, reaching a remarkable half of the precious metal’s value.
To engage his audience, Deaton presented the query:
Do you envision a future where #Bitcoin achieves half the market capitalization of #Gold?”
The implications of such a milestone were profound, as Deaton speculated that Bitcoin’s price could surge to an impressive $300,000, signifying a staggering tenfold increase from its current valuation.
By purposefully selecting the 1/2 benchmark, Deaton sought to emphasize his belief in Bitcoin’s current allure as an investment opportunity for those with a long-term perspective, provided they can refrain from requiring immediate access to their invested funds.
Examining Bitcoin’s Potential
At the time of writing, BTC held a value of $30,556, a figure that found agreement from the founder of CryptoLaw.
In elaborating on his rationale for choosing the scenario where Bitcoin attains half the market capitalization of gold, the founder expressed strong conviction in the present appeal of Bitcoin’s price for investors with long-term goals.
Additionally, attention was drawn to an intriguing development, as BlackRock CEO Larry Fink underwent a reversal of his stance on BTC.
Fink disclosed that over 600,000 customer inquiries regarding BTC had been recorded on the BlackRock website—an influential statistic that Deaton regards as significant, further reinforcing his perspective.
BlackRock’s Bitcoin Spot ETF Application Sparks Market Optimism
Last week marked a turning point in the cryptocurrency market as investors swiftly shifted from a pessimistic outlook on regulations to an optimistic stance. This was driven by the potential of a Bitcoin spot ETF.
This remarkable reversal of sentiment can be attributed, in part, to the influential presence of BlackRock.
BlackRock, the world’s largest asset manager, boasts $10 trillion in assets under management. Its track record shows an approval rate of 575 out of 576 ETF applications.
Adding to the evolving landscape, a staggering $1.4 billion worth of Bitcoin and Ethereum were withdrawn from centralized exchanges (CEX), a noteworthy development reported by IntoTheBlock.
As market participants witnessed BlackRock’s announcement of a BTC spot ETF application, the entire cryptocurrency market experienced a resurgence of vigor.
The impact was evident through a noticeable upswing in buying activity, with the market displaying a strong inclination towards embracing the positive implications brought forth by this significant advancement.