The price of the leading cryptocurrency Bitcoin [BTC] can easily surpass $20k price benchmark if U.S. banks invest even 1% of their assets, one analyst believes.
While discussing institutional uptake of BTC on 23rd July, Capriole digital asset manager Charles Edwards revealed that it had been “not hard to see” the unfolding trend.
“Not hard to ascertain where this is often going”
“If United States banks invest just 1% of their assets into Bitcoin as an investment, hedge or insurance… the BTC price is expected to get double,” he said on Twitter, adding:
“Just 1 NASDAQ stock [Grayscale] already owns 2% of circulating Bitcoin supply today. It isn’t hard to ascertain where this is often going.”
Edwards uploaded a chart of United States banks’ burgeoning asset balances as proof of the potential impact that a lean towards BTC would wear as a leading cryptocurrency.
As reported earlier, GreyScale is now an enormous among Bitcoin hodlers, along side payment company Square liable for purchasing up the bulk of mined coins this year.
Institutions Investors Shifting Into BTC Slowly
Edwards’ comments are meanwhile timely. Earlier this week, United States lenders received the green light from regulators to interact in cryptocurrency custody activities.
Whether an influx from the world would ultimately benefit Bitcoin [BTC] as an asset remains a contentious topic. Previously, concerns circulated that institutional attention within the sort of products like a Bitcoin ETF would be detrimental to price discovery.
“It’s not a matter of something good or bad, it’s just a fact,” Edwards added.
Nonetheless, other recent moves only serve to strengthen the market’s upward trajectory. Paul Tudor Jones, the maverick investor who has become increasingly bullish on BTC, recently revealed that he had already put the max amount as 2% of his wealth into Bitcoin.