For Bitcoin 'Moon,' Just Wait Till Institutional Investors Show Up
Bitcoin is going to $14,000, bulls say. That’s the tamest call. Tim Draper thinks it goes to $200,000 by 2022. Others in the market, like Forbes columnist and London’s ThinkMarkets strategist Naeem Aslam, think $50,000 by December is doable. They mostly say it is because of news of exchange-traded funds getting closer to getting greenlit by the Securities & Exchange Commission. They also cite market-friendly regulations that make real-money investors think the top cryptos can be traded with investor protections, no different than gold futures and forex. Those regulations give investment advisors with fiduciary responsibility to a client an impetus to put money to work in crypto. Once Bitcoin is regulated as a security, when institutional investors follow in the footsteps of high-net-worth individuals and hedge funds already in crypto, then this market goes to the moon. Bitcoin (BTC) is down 3.45% over the past 24 hours and is currently trading at $7,912.79 on Coinbase. BTC dominance is at 46.9% and the total cryptocurrency market cap is down 4.30% and is currently at $289 Billion.