Bitcoin Price As BlackRock CEO Expects BTC Market Cap to Hit $50 Trillion
Highlights
- BlackRock CEO Larry Fink sees potential for Bitcoin's market cap to reach $50 trillion.
- Bitcoin's price could skyrocket to $2.5 million if market cap hits $50 trillion.
- Experts predict short-term price correction, but long-term outlook remains bullish with potential for six-digit prices.
In BlackRock’s third-quarter earnings call with analysts on Friday, CEO Larry Fink mentioned that Bitcoin (BTC) could be as big as the $50 trillion housing market. This forecast from the executive of the world’s largest asset manager is likely to have an impact on Bitcoin price.
Let’s explore how much BTC’s price could be worth if its market cap hits $50 trillion.
Bitcoin Price If BTC Hits $50 Trillion According to BlackRock CEO
Although Larry Fink did not mention that Bitcoin will be as big as the Housing Market, he implied it using the mortgage market as an analogy. Fink said that the mortgage market also started slow when BlackRock ventured into it. However, as the asset manager built better infrastructure, data, and analytics, the stalling market exploded. To end this, Fink added that digital assets like Bitcoin are also stalling in a similar fashion and could explode.
BTC’s current market cap is $1.3 trillion, and if it hits the same size as the US housing market, which is worth $50 trillion, Bitcoin’s price could explode.
A simple calculation shows that $50 trillion is 38.46 times more than the current market cap of Bitcoin. If such a valuation were to come true, the current BTC price of $65,000 needs to inflate to $2.5 million.
If the BlackRock CEO’s analogy comes to pass and BTC market cap explodes to $50 trillion then Bitcoin price would be worth $2.5 million.
Expert Analysts Forecast BTC Price Crash
Experts are suggesting that Bitcoin price is set to correct after a massive run up to $67,200 in the past week. This outlook is similar to CoinGape’s Monday article that showcased how Open Interest (OI) ceiling could trigger a correction for Bitcoin.
Popular analyst CredibleCrypto posted to his X that the last three local tops for Bitcoin displayed similar signs. At or around a potential top spot volume starts to decline while perpetual volume rises. This signal indicates that the spot holders are booking profits while futures volume is on an uptrend. This shows that futures traders are bullish, which can be seen in an increased OI and spike in perpetual volume.
In CredibleCrypto’s words, ”spot [investors are] selling off at these highs into supply while perps keep trying to long with extremely high OI buildup”
CredibleCrypto also added, ”I was very vocally bearish at both of those local tops because of the data that I shared below, and we are seeing the same data present itself once more.”
Regardless, the long-term Bitcoin price prediction hints at a bullish outlook with BTC potentially reaching the six-digit territory.
Frequently Asked Questions (FAQs)
1. What did BlackRock CEO Larry Fink predict about Bitcoin's market cap?
2. What would Bitcoin's price be if its market cap reaches $50 trillion?
3. Are experts predicting a short-term price correction for Bitcoin?
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