YEREVAN (CoinChapter.com) – The BlackRock iShares Bitcoin ETF (IBIT) has quickly amassed more Bitcoin (BTC) than MicroStrategy despite being launched less than two months ago. As of last Friday, IBIT held 195,985 BTC after acquiring large amounts of BTC each day. MicroStrategy, on the other hand, stated that it held 193,000 BTC on February 26th.
Since January 11th, the IBIT ETF has been acquiring hundreds of millions of dollars worth of Bitcoin almost every day. This makes it the largest new spot ETF product outside of the closed-end fund-turned-Grayscale Bitcoin Trust.
MicroStrategy Banks Big on Bitcoin Increases Stock.
MicroStrategy may have bought more Bitcoin after announcing plans to raise $700 million earlier this week. The company wants to use this money to add to its Bitcoin collection. MicroStrategy is currently focused on Bitcoin. It shared plans to raise more than $600 million by selling debt to increase its Bitcoin holdings.
This focus on Bitcoin has made MicroStrategy’s stock behave like a powerful version of the Bitcoin ETF, and this strategy is paying off. The stock’s value has surged 642% in the past year, much higher than Bitcoin’s 244% increase over the same period.
MicroStrategy CEO Michael Saylor said the company would not sell Bitcoin. “I’m going to keep buying more. “Bitcoin is our way out,” he said in a Feb. 20 Bloomberg interview.
Saylor believes Bitcoin is better than gold, the S&P 500 and real estate, even though Bitcoin is currently worth much more than Bitcoin. He said, “Bitcoin is better than those assets. So, there is no reason to sell what is winning and buy what is not.”
Bitcoin ETF Facilitates Hosting of Battles
Next for IBIT to catch up is Grayscale’s GBTC, which has lost over 200,000 BTC since the new spot ETF was launched. Despite this, you still have around 400,000 BTC.
Grayscale’s GBTC and its new Bitcoin ETF hold a combined $28 billion worth of assets, thanks to continued interest from large investors boosting the value of Bitcoin. On March 8, the price of Bitcoin exceeded $70,000 for the first time.
The huge interest in these new spot ETFs is a big reason why the price of Bitcoin has surged more than 60% this year. The price of Bitcoin surpassed $70,000 for the first time on Friday morning, hitting a new record of $70,136, according to CoinDesk index data. At the time of this update, the price of Bitcoin was less than $70,000.
From $45,000 to $1.5 Million: Bitcoin Expert Predictions
Several finance and cryptocurrency experts have shared their predictions for Bitcoin price over the next few years, highlighting how market trends, global economic factors, and Bitcoin’s unique supply dynamics will impact its potential valuation.
- Cathy Wood of ARK Invest She thinks the Bitcoin price could reach $650,000 by 2024 and even $1.5 million by 2030. She believes Bitcoin ETFs could help the price.
- Mike Novogratz of Galaxy Digital It was once thought that Bitcoin would reach $500,000 by 2024. Now he says it may take longer because of the high interest rates set by the Federal Reserve.
- Tim Draper, a large investor, first said Bitcoin could be worth $250,000 by mid-2023. Now he blames the US government’s tough measures and thinks that price will be reached by 2025.
- max kaiser I believe Bitcoin can reach $220,000. He is known for making bold predictions and initially supported Bitcoin when it was worth just $1.
- fundraisingResearch firm predicts that Bitcoin could surge to $180,000 by the 2024 halving, believing that Bitcoin ETFs and past halving events could boost the price.
- Standard CharteredThe investment bank is more optimistic than before, raising its forecast to $120,000 by the end of 2024.
- Robert KiyosakiThe author of “Rich Dad, Poor Dad” thinks Bitcoin could reach $120,000 by 2024 as he expects the value of the U.S. dollar to fall.
- adam back, a leading figure in the Bitcoin world, says Bitcoin could be worth $100,000 by early 2024. He points out the role of Bitcoin miners and the upcoming halving event.
- Jesse Myers of OnRamp Capital I think Bitcoin will only surpass $100,000 after the halving in 2024. He believes the market will need time to adapt.
- Arthur Hayes of BitMEX believes that Bitcoin will reach $70,000 by 2024 and reach $750,000 to $1 million in the long term. He discusses Bitcoin’s limited supply and the role of spot ETFs.
- BerenbergAnother bank, , predicted the Bitcoin price to be $56,630 by April 2024, thinking the 2024 halving would make a big difference.
- JP Morgan It suggests that Bitcoin could be worth $45,000 in 2024, slightly higher than the price expected at the time. They think investors will view Bitcoin similarly to gold. This is especially true as the halving event approaches.
These experts look at new investment products (ETFs), government actions, Bitcoin’s limited amount, how often it is used for predictions, and more. Everyone has their own opinion, but everyone thinks that the price of Bitcoin will rise in the next few years.