2023-7-1 22:41 |
Statistician Willy Woo, the creator of data resource Woobull, has predicted that the price of the flagship cryptocurrency has the potential to reach $310,000 heights if some specific market conditions come into play.
$310K BTC Possible If Institutions Allocate 5% Of AUM To BitcoinAnalyst Willy Woo thinks Bitcoin could skyrocket to unprecedented values if institutional giants put just 5% of their AUM into BTC.
In a recent tweet, Woo suggested that if big players the likes of BlackRock, Fidelity, JPMorgan, Goldman Sachs, BNY Mellon, Invesco, and Bank of America decide converted 5% of their assets under management to bitcoin, the preeminent crypto asset could easily hit $310,000. For Woo, the potential mega growth in Bitcoin’s market cap, accompanied by the increase in its realized cap, would lead to such an upsurge in price.
The statistician also noted that BTC’s price trajectory would also be affected by the timing of these institutional-grade investments. “The estimate of $310,000 per Bitcoin really depends on whether these institutional players deploy their investments during a bearish or bullish phase of the market,” said Woo. He expects BTC to plunge to roughly $128,000 in bearish conditions, but for a bullish phase, the flagship crypto should climb to around $400,000.
What would price do if these guys put 5% of AUM into BTC?
My calculations estimate around ~$310k per coin. https://t.co/XHfYxETVWY pic.twitter.com/anyym07XUQ
Some Twitter users, however, were not convinced by Woo’s estimations, mainly regarding the assumption that these high-profile financial institutions could simply choose to redirect a certain percentage of their AUM toward BTC. This is because these institutions manage their clients’ funds and what to invest the money into is ultimately the customers’ decision.
In response to these concerns, Woo explained that his Bitcoin estimation was merely hypothetical based on a question he had been asked. He further noted that wealth management can be divided into two different classes: those operated by investor decisions and those that rely on the decision of the wealth manager. As such, any substantial investment in BTC would probably require consent from these institutions’ customers.
The largest cryptocurrency was trading at about $30,572.91 at press time, up 1.6% over the past 24 hours.
What’s the likelihood of all these institutions allocating only 5% of their AUM during the next bull cycle?
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