BlackRock nears holding 2% of Bitcoin's supply as institutional capital swells
10/16/2024 04:02Bitcoin may surge to $100,000 post-election amid market uncertainty and institutional investment.
Bitcoin's future, influenced by market factors like the U.S. election, technological advancements, and growing institutional interest, was the focus of a discussion between Roundtable anchor, Rob Nelson, and Armando Pantoja, futurist and founder of Quant Index.
Rob Nelson inquired about bitcoin's potential price range by the end of the year, while Pantoja shared insights into how the election might shape bitcoin's trajectory.
Armando Pantoja explained, "I think the election is causing a lot of uncertainty in the market," but he projected that bitcoin could "quickly go to $85,000" and possibly between "$85,000 and $100,000" after the election, depending on the outcome and economic decisions like rate cuts. Rob Nelson added, "I would argue we're going to see after the election, a lot of money move into bitcoin pretty fast," referring to the capital waiting to be deployed by major firms like BlackRock and Fidelity.
Pantoja highlighted how institutions have already positioned themselves, mentioning that "MicroStrategy has accumulated 250,000 bitcoin" and BlackRock owns "340,000" bitcoin, which together make up 3% of the total supply. He affirmed, "After the election, they're going to deploy even more capital."
Looking ahead, Pantoja discussed the integration of bitcoin with emerging technologies, stating, "I think bitcoin and overall crypto's future lies in artificial intelligence and autonomous systems." He noted that while crypto is still mainly speculative, AI's rise will push its utility, particularly as a global currency for autonomous systems.