$30,000,000,000,000 Wave of Capital Could Send Bitcoin Into Next Bull Run, Says Mark Yusko – Here’s His Outlook
Daily Hodl Staff
July 31, 2023
Morgan Creek Capital Management’s Mark Yusko is declaring that “crypto spring” is already underway and that the approval of a Bitcoin (BTC) exchange-traded fund (ETF) will be the spark that lights the next bull run.
In a new interview with crypto influencer Lark Davis, Yusko says that he believes “crypto spring” began on June 15, exactly one year after he believes “crypto winter” ended.
With the market looking for bullish catalysts, Yusko says that a Bitcoin ETF will be hugely positive for BTC and the overall crypto space.
Yusko points out that BlackRock, the biggest asset manager in the world, has virtually a 100% success rate of getting ETF’s approved, and will likely continue its streak with its Bitcoin application.
“Of course it’s a good thing. Because it will be approved. BlackRock is 475 and 1. They’ve made 476 applications for ETFs, they’ve had 475 approved. This one’s going to get approved. Now, does Bitwise’s… or Amun’s… Do they get theirs first because they were in line first? I’m going to say no, and that sucks, but I’m going to say they’ll be some weird reason why BlackRock goes to the head of the line. It’s just the way it is. When you have $10 trillion in assets, you get special privileges.”
The Bitcoin bull says that the BlackRock ETF could unleash a $30 trillion market of institutional investors that would then have access to Bitcoin after previously being hesitant due to regulatory uncertainty. If the ETF is able to get one-tenth of 1% of those assets, Yusko says it would certainly “move the needle” on Bitcoin given its low free float, or BTC that are actually available for trading.
“$30 trillion. Let’s get one-tenth of one percent. $30 billion. $30 billion on $600 billion, that’s not much Mark, that won’t do anything. Ah, [but] it’s not $600 billion. The free float is more like $100-$150 billion. $30 billion on $150 billion? That will move the needle. And if we get 1% instead of ten basis points, that’s $300 billion. $300 billion on a $150 billion, that’s a big ass number.”
When BTC goes back to its all-time high, Yusko says he doubts there will be a long lineup of people waiting to sell. He predicts much less free float and much less sell pressure on Bitcoin once it reaches the $50,000 to $60,000 range.
“People get more convinced that they want to HODL forever as the price rises, and they don’t panic. So if the price goes back to $50,000 or $60,000, I think they’ll be less free float, not more. I don’t think there’s a lot of people out there that are going to be selling. I think what you see with the daily selling is just the same people buying and selling over and over, the bots, the high frequency traders…”
Source: The Daily Hodl
If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © 2022 Dinar Chronicles