Messari: bitcoin will go up to $50,000 if institutional investors come to the market
Messari analyst Ryan Watkins estimated how much bitcoin would cost if institutional investors invested 1% of their funds in it. It turned out that BTC would rise up to $50,000 and the capitalization of the crypto market would exceed $1 trillion. According to the expert's assessment, investments from institutional investors are negligibly small at the moment. They are frightened off by uncertainty, hacking and fraud risks as well as by prejudice. "Bitcoin may not need institutions to succeed. But reality is, success as a store of value is measured in price. And if Bitcoin is to become a globally adopted non-sovereign store of value, it will need to convince institutional investors to transfer wealth into the asset", Watkins worded his opinion. OKEx CEO: new aid package from US authorities will help bitcoin
OKEx exchange CEO Jay Hao said that the second aid package for US citizens due to the coronavirus pandemic could push the bitcoin price up. In March, the government allocated $2.2 trillion for these purposes and after that the price of bitcoin rose from $6,580 to $10,400. Now the US authorities plan to give away another $1 trillion, Bloomberg quotes Hao. He specifies that it is difficult for institutional investors to choose where to invest their money since the stock market is artificially inflated and stocks look like a too risky asset right now. "Institutions will be looking for the best rate of return over time and Bitcoin has consistently proven itself here just as Paul Tudor Jones called it the fastest horse. Again, of course, institutional investors will spread their risk across risk and haven assets", Hao clarifies. Miners can trigger a collapse of the BTC rate
Analyst Cole Garner noted that miners had started to massively take coins away from pools. Yesterday the CQ.Live service registered the second largest outflow of miners' funds since the BTC price had reached $10,000. After that the rate fell down to $9,000 last time. Garner supposed that it could trigger sales on the market this time as well. CryptoQuant CEO Ki Young agrees with him. In his opinion, the outflow of coins by miners will result in a short-term fall of the BTC price in the middle of July.