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Bitcoin could reach $420,000 with a 1% global asset allocation, financial guru Ric Edelman predicts
Renowned financial advisor Ric Edelmann made a bold prediction about the future of Bitcoin (CRYPTO: Bitcoin), suggesting the cryptocurrency could reach a staggering $420,000.
What happened: Edelman, the founder of the Digital Assets Council of Financial Professionals, recently shared his predictions in a interview with “Wealth” from Yahoo Finance. He based his prediction on the potential impact of planned allocations by financial advisors, which could push up the price of Bitcoin.
Edelman’s analysis suggests that if 1% of the world’s $740 trillion in financial assets were invested in Bitcoin, this could result in inflows of $7.4 trillion, driving the price of Bitcoin to $420,000.
“If everyone who owns those assets simply put 1% into Bitcoin, that would represent a market capitalization of $7.4 trillion which translates to $420,000 per Bitcoin,” he said.
See also: Top Trader Ditches Bitcoin for Altcoin, Shiba Inu’s Potential Breakout ‘Dogecoin Killer’ & More
Because matter: Edelman’s prediction comes at a time when Bitcoin has been a topic of intense debate. Just a few days ago, well-known economist and Bitcoin critic Peter Schiff tried to minimize The recent surge in Bitcoin, highlighting its underperformance versus silver. However, Edelman’s prediction suggests a very different future for the cryptocurrency.
Furthermore, Edelman’s predictions are in line with the growing interest in Bitcoin among institutional investors. Just a few days ago, Antonio Scaramuccithe founder of Capital of the Sky Bridge and former ally of the former president Donald Trumppredicted that more and more pension funds will soon include Bitcoin in their investment portfolios.
Despite ongoing debates about the future of Bitcoin, its popularity continues to grow. Like the price of Bitcoin surges, investors who lost access they turn en masse to crypto wallet recovery companies for their accounts.
The cryptocurrency market recorded a strong rally on Monday higher chances of approval of place Ethereum (CRYPTO: ET) ETF, with Bitcoin getting close to surpassing its all-time highs.
Price action: Bitcoin is currently trading at $70,846, marking a decline of 0.82% over the past 24 hours. Despite this short-term decline, according to data, King Crypto has seen a notable increase in value of 60.39% since the beginning of the year by Benzinga Pro.
Read next: Bitcoin Tops $70K, Ethereum Rises 12% on ETF Approval: “75% Chance of Approval,” ETF Analyst Tweets
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