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‘Trillions Of Dollars’—Bitcoin Braced For A Massive Earthquake As The Price Of Ethereum, Binance’s BNB, Solana, Cardano And XRP Soar

Radical Bitcoin Upgrade Escalates Ethereum, Binance’s BNB, Solana, Cardano And XRP Rivalry After Huge Price Rallies
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Bitcoin and cryptocurrency prices have risen over the past month, with the combined cryptocurrency market rising towards $3 trillion, with Ethereum, BNB, solana, cardano, and XRP from Binance posting double-digit gains.

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The price of bitcoin has surged from around $45,000 per bitcoin in early October to an all-time high of $67,000 late last month, in part due to the launch of the first US bitcoin futures trading funds (ETFs). Bitcoin has been on the decline recently — despite new massive price targets even as Ethereum and its smaller rivals reach new heights.

Now, bullish bitcoin buyer Michael Saylor has predicted that “trillions of dollars” will flow into bitcoin once the US regulator approves a full bitcoin ETF — helping bitcoin replace gold and become the primary asset index for the Western world.

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Saylor, CEO of business intelligence software company MicroStrategy, said this week at BloombergFinancial Innovation Summit. “And once these ETFs come out, I think you’ll see billions, then tens of billions, then hundreds of billions, and then trillions of dollars flowing into them.”

Over the past year, Saylor has turned Microstrategy into a Bitcoin acquisition tool, buying more than 110,000 Bitcoins. The company’s bitcoin holdings are valued at about $7 billion, making up nearly all of MicroStrategy’s $8 billion market capitalization.

Saylor said he expects the US spot bitcoin ETF to serve as an institutional platform for investors who want exposure to bitcoin, adding that he will continue to buy bitcoin via MicroStrategy. This money is already in other countries, including Canada.

The launch of two Bitcoin futures ETFs in the US in October generated huge media interest, with the ProShares Bitcoin Strategy ETF raising over $1 billion in assets in just a few days. However, some, including Castle Island Ventures general partner Nic Carter, have described futures ETFs as “inferior” because they do not give direct exposure to the underlying asset. Speaking alongside Saylor, Carter said that the Bitcoin spot ETF will be “the most important commodity ETF launch ever.”

“The correct answer is: Allow investors to buy $1 trillion worth of bitcoin via an ETF as ETFs go into the existing security structure, underlying brokerages, and existing collateral packages,” said Saylor.

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Meanwhile, bullish Bitcoin and crypto-market watchers continue to anticipate a price rally towards the end of 2021. While Bitcoin lost ground this week, Ethereum added nearly 5%, with its biggest competitors, BNB and solana from Binance, both jumping around 20%. .

“Daily volatility is quite normal after this bullish month, but the higher time frame looks solid for now,” said Lukas Enzersdorfer-Konrad, chief product officer of Vienna-based Bitpanda, in comments via email. “The cryptocurrency market is getting more and more integrated into the global economy every day, which only shows how important it is for larger institutions but on the other hand, it is also under pressure from major events.”

“Bitcoin and Ethereum’s year-end meltdown is more likely than recovery, we believe that after the 2021 corrections speculative positions have cleared, and with demand and adoption increasing, and supply waning, perpetuating the bull market,” Bloomberg Intelligence Chief Commodity Analyst Mike McGlone wrote in His latest market report, citing “a tidal wave of ETFs in the US.”

“The launch of ETFs in the US and the fact that the cryptocurrency ban in China limits downside risks.”

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