- According to Ash Crypto, spot Bitcoin ETF impact would push BTC price to $500,000.
- The crypto trader believes Bitcoin will gain market cap from gold, stocks, and bonds.
- Ash Crypto compared Bitcoin with gold, whose market cap surged significantly following ETF approval.
According to Ash Crypto, a crypto trader on X, the impact of the recently approved spot Bitcoin ETFs would push BTC price to $500,000. The renowned trader believes the approved ETFs would create a channel for liquidity inflow into the Bitcoin market, pushing its market cap to significantly high levels.
In a recent post, Ash Crypto compared Bitcoin with gold, whose market cap surged from around $2 trillion before ETF approval to $16 trillion after a few years. According to him, Bitcoin has the potential to perform better than gold, considering the crypto’s limited supply.
Ash Crypto noted that the current Bitcoin market cap is around $840 billion. Hence, he believes that if Bitcoin reaches even half of gold’s market cap, $8 trillion, it will push BTC’s price to $500,000 in the coming years, reflecting more than 10x its current price.
The crypto trader compared the Bitcoin market with other financial markets like the global stock market, whose market cap is $109 trillion, and the global bond market, with a market cap of $133 trillion. He explained Bitcoin will also gain market cap from stocks and bonds. Hence, a target of $8 trillion for Bitcoin market cap is not an exaggeration.
Ash Crypto also noted that several trillion-dollar companies have started projecting Bitcoin ads, marking the arrival of institutional investors into the Bitcoin market. According to the trader, an $8 trillion figure is a long-term target for the Bitcoin market cap. Hence, users should not worry about the short-term price pullbacks.
In another unrelated post, Lark Davis, a renowned Bitcoin investor, noted that Ark Invest CEO Cathie Wood, whose network has a 25% BTC share, said her company’s base case for Bitcoin is in the $600,000 range. She also noted that they have set a bull case target of $1.5 million by 2030 for the flagship cryptocurrency.
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